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Obama intends to Tax the Largest Banking Institutions that profited from the TARP Money

Thursday, January 14, 2010

Who said President Obama would not call for tax money to recoup money loaned? President Obama wasn't kidding when he said that he intends to get every penny of the taxpayers money back from the largest banks and institutions. Calling it the "financial crisis responsibility fee" it is designed for those big companies to pay a penalty if the monies loaned to them are not paid back in full. But even that statement is not 100% totally true. Details of this plan will be part of Obama's proposed 2011 budget, which will be released in February. So why now at the beginning of 2010 is Obama making this announcement. First, it is to give these institutions a 2nd look at what they may potentially have to pay if they do not find a good way to pay the money back. Obama also thinks it is fitting now because these larger companies are already bouncing back from the Troubled Asses Relief Program, and already issuing massive bonuses. If they can afford this, Obama claims, "they are surely in good enough shape to afford paying back every penny to taxpayers." This money is expected to come from the largest of the banking institutions, approximately $90 billion estimated over 10 years. Now the kicker. Even  if banking institutions that have already paid back 100% of the money may be subject to the tax. They may be taxed considerably less if they have already paid their government loan back. A benefit from this tax would be to help the U.S. fiscal position, because it was worsened by the crisis. President Obama fully intends to get every penny of the money back.

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