View the full piece by American Action Forum President Doug Holtz-Eakin here.
The beleaguered American taxpayer deserves a break. The housing-led financial crisis begat trillions of dollars of red ink.
Now the financial regulation reform bill, which is supposed to fix the things that caused the crisis, promises — you guessed it — more red ink.
The Congressional Budget Office puts the price tag at $19 billion. But with Democrat conferees busy stuffing the bill full of items from their personal wish-lists, who knows how big and expensive the legislation might get?
It’s not that raising revenue isn’t on the radar screen. The administration continues to push its so-called Financial Crisis Responsibility Fee — the “bank tax.”
It stems from the benighted Troubled Asset Relief Program, which empowered the federal government to recoup the costs of the financial bailouts, if those costs are not returned by way of recovering asset values within five years…
Read more here.