Obama Proposes Bank Tax to Generate Billions

Posted January 14, 2010 at 10:35am

Updated: 12:44 p.m.President Barack Obama Thursday proposed a tax on financial firms to ensure that they repay Troubled Asset Relief Program funds granted to them during the worst of the nation’s financial crisis. The tax would be collected over 12 years; it is projected to raise $90 billion over 10 years and $117 billion over 12 years. The latter figure is the amount that the administration now estimates will be the total cost of the TARP program to the federal government. Sixty percent of the revenue from the tax will come from the nation’s 10 largest financial firms, according to the White House.“My commitment is to recover every single dime the American people are owed,— Obama said in remarks at the White House. “And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people, folks who have not been made whole and who continue to face real hardship in this recession.— “We want our money back! And we’re going to get it,— he said.