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The Bail-Out Tax

Posted by admin January - 14 - 2010 - Thursday

President Barack Obama is expected to announce plans for a new tax to be levied on bailed-out US banks later.

The fee is designed to recoup $90bn (£55bn) that US taxpayers are expected to lose from bailing out the banks during the financial crisis.

It comes ahead of the latest reporting season on Wall Street, with banks expected to report record bonuses.

The tax, described by officials as a “financial crisis responsibility fee”, would be imposed over 10 years.

However, it is not yet clear how the fee will be levied.

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