U.S. President Obama's global bank tax is picking up speed and shall apply to financial institutions doing business in America, in the event it passes in Congress.
This would be an appropriate move. The nation needs the tax dollars, as do all countries touched by the financial crisis that began in the U.S. corporate sector.
Additionally, said tax money should not be included in "pay as you go" or immediately used on new programs. The money should go towards reducing national debt. When the nation is in a better financial place, the government can then look at MODERATE spending.
Global Bank Tax Gaining Steam - Brown
Published: February 11, 2010 - LONDON (Reuters) - Prime Minister Gordon Brown said the world's top economies were close to agreeing an international levy on banks and that a deal could be thrashed out during a G20 summit in June, the Financial Times reported.
In an interview published on Thursday, Brown said he believed backing for a global bank tax had gained momentum since U.S. President Barack Obama called for a fee to be levied on major U.S. financial institutions last month...
