Obama’s Bank Tax – The Victim is YOU!

This isn't news to anyone with a rudimentary understanding of economics, which is why most Americans don't get it:

"As ABC News reports, the CBO wrote a letter yesterday to Sen. Chuck Grassley (R-IA) in which it highlighted that the American people will bear the true brunt of the President’s proposal. From the CBO’s letter:

[T]he ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government.

The cost of the proposed fee would ultimately be borne to varying degrees by an institution’s customers, employees, and investors.

Customers would probably absorb some of the cost in the form of higher borrowing rates and other charges, although competition from financial institutions not subject to the fee would limit the extent to which the cost could be passed to borrowers. Employees might bear some of the cost by accepting some reduction in their compensation, including income from bonuses, if they did not have better employment opportunities available to them. Investors could bear some of the cost in the form of lower prices of their stock if the fee reduced the institution’s future profits.

Obama promised not to raise taxes on anyone not guilty of the sin of earning more than $250,000. But what all too many don't realize is that any tax on anyone is ultimately a tax on everyone.