Washington, D.C. (YBH.ME) -  In a move that would be fraught with huge political risk, President Barack Obama has hinted that taxes may be going up for the middle-class.

The President, who made the cornerstone of his 2008 campaign “no new taxes” on the middle-class, could open the door for charges of flip-flopping, or worse outright lying, if he were to raise taxes on those making less than $250,000. Read the rest of this entry »

WASHINGTON, D.C. (YBH.ME) – In a move sure to be met with resistance from Wall Street, President Barack Obama is set to unveil a tax proposal on Thursday that hits banks with a levy that amounts to 15 basis points or 0.15% of the liabilities on their balance sheet.

UAW presses White House advantage.

The tax will only apply to financial companies with assets of $50 billion or more.  The purpose of the tax is to ensure that the “American people” get back every dollar lent under the TARP program.  Incredibly, the tax will apply to banks who have already paid back the TARP money,  and to banks who never borrowed any.  Over ten years, $100 billion is projected to come into government coffers from the levy.

Ironically, it is the union-controlled auto companies, GM and Chrysler, that will be responsible for most of the loss of TARP funds.  The auto companies are controlled by unions that are highly sympathetic to the President and Democrats,  and are among his and the party’s biggest donors. Read the rest of this entry »