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Wall Street to GOP: Tax Us and Die

February 28th, 2014 - 9:40 am

Hardball:

Private equity and investment firms in New York are telling key Republican players in D.C. that commitments for big-dollar fundraising have been “canceled for the foreseeable future,” according to one GOP lobbyist with knowledge of the conversations.

Lobbyists for Bank of America, Goldman Sachs and JPMorgan and others are meeting privately with lawmakers to explain what the bank tax would cost and how it would function.

Big banks want to turn Republicans against the bank tax. The situation puts the party at risk of seeing a reliable source of campaign cash dry up right in the middle of a critical election year.

I’m not sure which side is more dysfunctional, but I do know that when Wall Street and Washington get into bed together, it’s the middle class that gets screwed.

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All Comments   (3)
All Comments   (3)
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Since a vast majority of "wall street" donations go to democrats why is this a threat to Republicans? Go forward with this tax increase as a stand alone and watch democrats vote for it. Then see if Wall Street cuts off the dims.

Oh, btw Camp is an idiot.
42 weeks ago
42 weeks ago Link To Comment
The majority might go to Democrats, but Republicans get a lot as well.

Besides, it is less about donations and more about influence peddling and guaranteed high paying jobs should they fail to win reelection.
42 weeks ago
42 weeks ago Link To Comment
On the other hand, a "bank tax" can't do anything good, so I oppose it on principle, even if it is "Wall Street and Washington in bed together".

Something isn't wrong just because the Finance Industry wants it, and "taxing banks more because!!" is terrible policy.

If there's a problem with Wall Street and the State, it's not that taxes on finance are too low; it's arguably that the State has anything to do with the industry other than prosecuting frauds post facto - like in any other realm of business.

As always, it's the State's arbitrary power than attracts money - either offensively or purely defensively.

When there's no influence to sell, there's nothing to buy.
42 weeks ago
42 weeks ago Link To Comment
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