President Obama announced earlier this week his tax plan for the nations biggest financial institutions. The Presidents plan calls on taxing calls on taxing bonuses and going after banks & insurance companies whose assets are over $50 billion. This is unconstitutional, it is unfair and it violates basic economics 101. It’s unconstitutional because it takes property from banks that did well and compensates the government for the money it loaned to banks and other corporations that did not do well. This is not a tax, the proceeds of which are destined for the governments general coffers in order to fund the government, This is a punishment to the banks …..
The American government — which we once called our government — has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called “economic royalists,” who choose our elected officials — indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.