Obama Plan To Tax 50 Banks

Obama has proposed a $9 billion a year tax on 50 banks.

“We want our money back, and we’re going to get it, Our goal is not to punish Wall Street firms, but rather to prevent the abuse and excess that nearly caused the collapse of many of these firms and the financial system itself,” Obama said. The tax would collect $120 billion in government payouts under the Wall Street bailout program. Those included are JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Merrill Lynch, now owned by Charlotte, N.C.-based Bank of America. The fee would take effect June 30 if Congress approves.

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