Some bankers could see a jump in the fee they pay to their trade association if a Clinton budget proposal to ring up trade associations on investment income passes.

The proposed tax hike, estimated to raise $1.4 billion over five years, would probably cause the Independent Bankers Association of America to raise fees, according to Paul Merski, the group’s director of tax policy. He added that the tax hike would also jeopardize any reserves the group has set aside for fluctuations in membership and general economic conditions.

The outlook is not all gloom and doom, however.

"We haven’t raised our dues in the seven years we’ve been the ACB, and we don’t have any plans to do it," said Robert Schmermund, director of communications for America’s Community Bankers.

But that does not mean the proposed tax, expected to raise $1.4 billion over five years, would not be painful.

Jim O’Connor, the group’s tax counsel, said it would be very difficult to estimate the bite the tax would take from the coffers because any money not spent on public education, or preparing reports for Congress, or any of the other activities which traditionally earmark the organization for tax-exempt status goes into the group’s checking account to be used next year.

Bob Wallgren, executive director of operations and finance for the American Bankers Association, concurred, saying he would have to take a look at the group’s sources and uses of funds before deciding if a fee hike was in the offing.

O’Connor said that he did not think there would be a lot of sympathy in Congress for the revenue raiser, because it shows that Congress’s intentions "are being undercut." He added, "Obviously we don’t think Congress should push it through. That investment income should be taxed so long as we perform certain valuable public policy point-of-view functions makes no sense to us."