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Democrats are scrambling for new taxes in order to finance the rest of their job-killing agenda. Speaking with Politico this weekend, Sen. Max Baucus (D-MT) clearly indicated that a tax on American savings was definitely going to be one of those options:

“I don’t think there’s much doubt that there will be a bank tax,” Senate Finance Committee Chairman Max Baucus told POLITICO.

The CBO has shown that Obama’s tax would be passed on and paid for by consumers and small community banks. As we have noted before, this will drive up the cost of investing for the middle class, causing the price of getting a loan, buying a house or saving for retirement to inch even higher. Politico goes on to shed light on another unintended victim of this reckless raid on our wallets – small businesses.

[A] Joint Taxation Committee report this month said that “because commercial loans are assigned the highest risk-weight of 100 percent, a tax on risk-based assets could prove a disincentive for an institution to make such loans, including loans to small businesses.”

And while the Democrats insist that the revenues from this misguided policy will be used to make up for losses related to the TARP program, Baucus makes it clear that they intend to use the money from this tax on our savings to finance their binge spending agenda.