President Obama Continues Making Friends

Well, not really:

British Banks Revolt Against Obama Tax PlanOne executive at a top UK bank who didn’t want to be named for fear of angering the IRS said: “It’s just about manageable under the current system – and that’s because we’re big. The danger to us is suddenly being hauled over the coals by the IRS for a client that hasn’t paid proper taxes. The audit costs will soar. We’ll have to pay it but I know plenty of smaller players won’t.”

The banks are upset that they are now going to be liable if one of their American customers fails to pay taxes.  Not only is this stupid policy because the banks aren’t supposed to be the police, but it is also a good way to ensure that banks around the world decline Americans as customers.  That’s a recipe to shrink our relationship with other countries.

Thank you President Obama.