Senator Brown is Concerned About a Tax Equal to 0.01 Percent of GDP

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Sunday, 27 June 2010 18:22

Senator Scott Brown has indicated that he may reverse himself and vote against the final version of the financial reform bill. He claims to be upset about fees levied on financial institutions that will total $18 billion over the next decade.

It would have been helpful to put this number in some context so readers would have clearer idea of what is at stake. The fee is approximately equal to 0.01 percent of projected GDP over the next decade. If it is fully passed on by financial institutions to customers will cost people an average of $6 a year.