The government will charge a responsivility tax to the big banks

The government of Barack Obama is planning to put a 10 years tax on nearly 50 big financial entities. This doesn’t mean that the government will win money with it, because the program of toxic assets purchases generated money to the public treasury.

These taxes will be of about $90.000, will cover loses from the car and insurance industries, and the aid plan to the real state market. It is true that banks got benefit from the actuations of the government to handle the financial crisis, and some must pay for it. It’s probable that Although Obama said no way, the customers of the banks will end being the payers.

The ”responsibility tax” will generate a big debate and will possibly be modified before being promulgated. But under its current form, that affects the capitals except the Tier1 and domestic deposits, the fiscal structure is unfavorable for brokers, due to its big dependence to wholesaler financing and entities like Citygroup, that have a wide basis of non assured deposits abroad.

With this new tax, the government will charge the entities by 0.15% of total assets less the higher quality assets. In this calculation, won’t be added a

ssets that are already covered by the Warranty Fund.

Reaction to the new tax of the government

Morgan Stanley estimates the yearly impact of the government’s new tax in between 2% and 7% from yearly profits, before provisions, from the big American Banks on the thir

d quarter. This sum seems affordable but the longevity of the Tax and the absence of previous situations like this, is disturbing. The delegate councilor of JP Morgan Chase, Jamie Dimon, states that the United States could suffer a new crisis during the 10 years of this tax.

Government penalizations like this could affect the credit spread. If the tax is calculated on a continued basis, the incentives to reduce budgets, and compete with more energy for American Deposits,increases.

Some European entities will be affected by this new tax, and some European Governments reacted to it. Angela Merkel, the German Cancillerin, showed on Thursday his preference for a tax on financial transactions (Tobin tax), while the United Kingdom pointed that the probl

ems of the United Stated are an issue for its government not for the others.

France pointed that a taxes on bonuses paid to bankers is the most efficient answer. In Spain, the party ”Izquierda Unida” encouraged the government a sp

ecial tax to Banks in order to finance ‘active initiatives for the job generation.