The U.S. Chamber released a study conducted by Hal S. Scott, Nomura professor of international financial systems, Harvard Law School that highlights the negative and unintended consequences the proposed "bank tax" would have on access to credit, job creation, and the overall economy. The study concludes that imposing the tax now would reduce access to credit for job creators and consumers at a time when the economy is still struggling to recover. The study highlights the following six issues for policymakers to consider when determining whether to support the tax: cutting off credit, wrong tax at the wrong time, uncertainty about size of shortfall and arbitrary timeline, potential for double taxation, potential for excessive taxation, and wrong way to reduce leverage and risk.
