Tag: Orrin Hatch

Seriously, you can’t make this stuff up.

Dave Camp Bank Tax Bill Would Punish Obama-Friendly CEOs

by Zach Carter and Ryan Grim, The Huffington Poat

WASHINGTON — House Ways and Means Committee Chairman Dave Camp (R-Mich.) is considering legislation that would significantly increase taxes for the nation’s largest banks while providing tax breaks to struggling homeowners. [..]

The bill would significantly strengthen the Volcker Rule, which bans banks from speculating in securities markets with taxpayer money. The Volcker Rule’s implementation has been delayed as bank lobbyists have flooded regulatory agencies in Washington, pillorying the ban with loopholes. Hefty tax burdens for proprietary trading would reduce bank incentives to engage in the risky activity.

Camp’s legislation also would permanently establish a homeowner aid plan advocated by former Rep. Brad Miller (D-N.C.), who retired this month. When banks grant homeowners mortgage relief, the IRS considers the debt-reduction taxable income. As a result, struggling homeowners can face an unmanageable tax burden. A $50,000 debt reduction can spark an $18,000 tax bill — money that borrowers struggling to avoid foreclosure simply do not have. Miller successfully lobbied to include a one-year fix on the tax policy in the fiscal cliff deal. Camp’s legislation would permanently end the tax policy.

Steve Benen at The Maddow Blog aptly notes that “hell hath no fury like a House Ways and Means committee chairman scorned” but points out Camp’s “big deal” won’t impress the bank lobby:

Camp sent an angry letter to the Business Roundtable a month ago, and now Republicans are saying if there must be new revenue, it should be “on their backs.”

How big a deal is Camp’s bill? I think it’s safe to say the bank lobby won’t be impressed.

   Camp’s new bill would harvest government revenues from complex financial transactions involving derivatives, some of which figured prominently in the 2008 banking collapse. Although the 2010 financial reform legislation would curb some excesses in the derivatives market, the legislation isn’t yet fully implemented, and leaves much of the market unregulated. Financial reform advocates have urged new taxes on derivatives to deter excessive risk-taking by big banks. […]

   Camp’s bill would establish a new tax regime for derivatives, requiring banks to declare the fair market value of the products at the end of each year. Any increase in value would be considered corporate income, subject to taxation. It’s a more aggressive tax treatment than Wall Street enjoys for either derivatives or for trading in more traditional securities. […]

   The bill would significantly strengthen the Volcker Rule, which bans banks from speculating in securities markets with taxpayer money. The Volcker Rule’s implementation has been delayed as bank lobbyists have flooded regulatory agencies in Washington, pillorying the ban with loopholes. Hefty tax burdens for proprietary trading would reduce bank incentives to engage in the risky activity.

How serious is Camp about this? It’s hard to say at this point, though I suspect it’s mostly about posturing and political chest-thumping. Camp wants to send a message that he’s displeased and see this as a vehicle. Even if the committee chair got serious about this, I imagine other Republicans would intervene to stop its progress.

Benen thinks that in the aftermath of Pres. Obama’s reelection the business community see him as “a leader who is going nowhere” but “is reaching out to them.” At the same time they view the Republicans as untrustworthy and increasingly reckless.

But seriously, folks, the Republicans are threatening to tax the banks and help stressed homeowners as a “payback” for supporting Pres. Obama. Oh, please, let them.

ROTFLMAO

Cross-posted to CandyBullets, MyLeftWing, firefly-dreaming and Docudharma

If you follow my website (CandyBullets) you’re probably well aware of the threat posed by the “IP PROTECT ACT” known more commonly as the Internet Blacklist bill. You’re may also be aware that this bill was recently halted in the Senate by the true Democrat Senator Ron Wyden (D-OR) who prevented the bill from coming up for a vote in the Senate (where it would doubtless pass) however a House version will be introduced this week with help of Representative Bob Goodlatte (R-VA) — probably tomorrow. If you’re not familiar with this bill then I suggest you become acquainted (the full text of the bill may be found here.)

It was once said about the much over analyzed movie Last Tango In Paris that it was a simple movie at heart: a movie about real estate, two people who want an apartment and will do anything to get it. In a similar vane Protect IP is also simple: it is merely the latest in a long line of slovenly hand-outs to corporations at the expense of your civil rights; it would give the Government broad, censorious new powers to shut down any site merely accused of Copyright Infringement and fuck the concept of innocent until proven guilty, yes, the PROTECT IP ACT authorizes an alleged “rights holder” who decides to claim to be the victim of the “infringement” to bring an action against the owner, registrant, or Internet site “dedicated to infringement”, whether domestic or foreign, and seek a court order against the domain name registrant, owner, or the domain name. The DOJ version however can apply against ISPs, search engines, ad providers and payment processors.

Of course corporate America, what were the founding fathers thinking? Of course you must be given permission to shut down YouTube and Facebook so that no one can potentially infringe upon your Copyrights. I recall Franklin making a remark about trading liberty for safety. This bill would criminalize YouTube, Twitter, Facebook, Myspace, Google+, Reddit, Digg, not least this site you’re reading this at. Any other site that uses user generated content. But you know, I’m glad to know that when conservative Orrin Hatch (R-UT) and nominal liberal Patrick Leahy’s (D-VT) delightfully bipartisan fascism was first shot down when they coauthored COICA (The Combating Online Infringement and Counterfeits Act) these two adorable little corporate shills decided to take our criticisms into account. This time they remembered to ban criticism. Their new “PROTECT IP ACT” retains the blacklist of websites our “Democratic” Govenrment doesn’t wanting us looking at but ads a new one that we’ll just have to take a moment to marvel at: It bans people from even being able to discuss blacklisted sites. Under the new bill, anyone “referring or linking” to a blacklisted site will be Blacklisted themselves.

Yes this “bunker-buster bluster bomb” (h/t Ron Wyden) far past simply requiring these other service providers from blocking service, this new law will require search engines to censor sites out of their index. Now please understand, “infringing websites” is in no way defined in a reasonable way — the bill is not being specific about what constitutes an infringing web sites. For example if WikiLeaks or any similar organization were merely accused of distributing copyrighted content, U.S. search engines could be served a court order to BLOCK search results pointing to Wikileaks. Requiring search engines to remove links to an entire website altogether due to an infringing page raises alarming free speech concerns regarding lawful content hosted elsewhere on the site. The fact that an injunction can be issued without notifying the allegedly, supposedly infringing website essentially destroys the entire legal “presumption of innocence”, there is no innocent until proven guilty with this bill.