1st Amendment Thoughts
As to this supreme court decision.
I think this is a critical check on the populism movement sweeping the world.
Tyranny of the majority where corporations are painted as the enemy and they have little recourse at election time. Their voice is important in a democracy, especially since corporations pay the bills.
When a government can decide to impose an addition 10% income tax on my company/bank because they feel that is the fair thing to do (even though we repaid TARP + 25%), then companies may begin to question where their representation is.
I know for a fact, that we want to invest (read add jobs) right now given our strong capital position. We are constrained though because we have to worry about a potential reduction in our net INCOME by about 10%. A hundred million dollars+ to go to the government coffers. We would gladly hire sales and technology staff to exploit marketplace opportunities. Instead we have to prepare to write a check to the government.
BofA and Citi will be saddled with a 1 BILLION + bill. How many staff must they hold off hiring while they await the decision on this new 'regulation'?
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For what it's worth, though all corporations were checked by the legislation, the main target is political action committees, which are the non-profit wings of corporations. Corporations under most legislation are treated with the same caps as any individual.
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