Obama Tax Proposals Announced Financial Industry Or Plant A Hidden Wall Street - Wall Street - The

Make Americans proud of its financial sector on Wall Street has been the core of development

, but the recent Taiwan "engine" but everywhere the enemy: Goldman Sachs, JP Morgan Chase and other giants in the occasion of the unemployment rate remain high year-end awards announced astronomical , sharply criticized by public opinion, then Barack Obama has stated publicly that the use of taxpayers money on Wall Street banks, said a large red packets are unhappy.

This week, the Obama tax proposals formally announced the financial industry to reimburse taxpayers in government assistance programs in the financial sector losses. Needle-to-head in such a "precision strike", the Wall Street banks in the end will be affected by how much?

Tax to be 90 billion U.S. dollars 10 years

Obama announced this week 4, the Wall Street financial institutions, the introduction of a total of 90,000,000,000 U.S. dollars of new tax?? Financial crisis responsibility fee.

Under the plan, the tax levied by the U.S. Internal Revenue Service for each of nine billion U.S. dollars to be raised, at least for a period of 10 years, will take effect June 30. Targeted at 50 billion U.S. dollars of assets for more than 50 large financial institutions, including bank holding companies, mutual savings bank holding and insurance companies. In addition, any assets of more than 50 billion U.S. dollars of the large financial companies have to scale according to its balance sheet to pay 0.15% tax.

It's statistics, due to strong trading, mergers and acquisitions and other business, the third quarter of last year, JP Morgan Chase, Goldman Sachs, Citigroup and Bank of America last year's third quarter net profit of 1.5 billion U.S. dollars on average, of which Goldman Sachs also set single-season earnings high. These amazing results thanks to the 700 billion U.S. dollars U.S. Treasury Troubled Asset Relief Program (TARP), the final analysis, the taxpayer assistance.

On tax news, with industry analysts to come out that Obama would drag the move the financial industry. SandlerO'Neill's chief strategist, Robert? Albertson believes that this will be a drag on the entire industry, but the good news program for 10 years, the results are not too serious.

Obama administration is expected eventually to make up for tax money from TARP total loss, but according to current projections, TARP will eventually spend 117 billion U.S. dollars, higher than 900 billion total revenue.

More symbolic than real tax? Then, Obama has much impact on the tax in the end? Will hinder the banking industry to recover?

According to research firm WiscoResearchLLC analyst Sean? Ryan forecasts, according to the provisions of tax plan, JP Morgan will pay 1.52 billion U.S. dollars per year, 38 cents a share; Bank of America paid 1.53 billion U.S. dollars annually, a share 18 cents. This means that JP Morgan is expected to be earnings per share for 2010 paid 12% of Bank of America of up to 22%. Also this year, Goldman Sachs and Citigroup will pay 1.16 billion U.S. dollars and 1.37 billion revenue, earnings per share and 0.11 U.S. dollars 2.01 U.S. dollars. Ryan even mentioned that most of these taxes are to be borne by customers of financial institutions.

Proposal came out, the reporter found, JP Morgan Chase, Goldman Sachs and other banks and not much price volatility. As of Thursday, JP Morgan Chase and Bank of America shares were up 0.27% and 1.2%. Beijing Institute of Macroeconomic

Nanhua Futures Research Centre director Zhang Yiwei yesterday to the "Daily Economic News" that the information released from the now point of view, the total tax less, little impact on Wall Street expected. The plan is more symbolic of that Obama would be in the mid-term election for the United States for support. But I believe Obama will not do too much, because the future U.S. economy by promoting the financial sector.

by: gaga

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