In the News: Obama Proposes Bank Tax for Consumers

By: Tiffani Haynes

Today, President Barack Obama spoke about his proposed plan to tax major banks to recoup money for consumers.

Obama has called those banks who previously needed a bailout and are now back to giving bonuses “distasteful.” With this plan those that received bailouts, and even some that didn’t, will be charged .15 percent tax. According to Obama’s proposal, $90 billion over a 10-year period, money he wants to give back to the consumers.

Obama addressed the issue in his weekly Internet message.

 Though he is already facing opposition from Republicans and banks, Obama is sure the plan will pass in Congress. He stated that it was time to get the taxpayer’s money back from helping banks who are clearly now longer in distress.

“We want the taxpayers’ money back, and we’re going to collect every dime,” Obama said.

Get ’em, Mr. President!


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