PPI Claim News - 14/1/2010
Bank Charges: President unveils bank tax plan
US president Barack Obama has outlined plans for a levy on bank profits with a tax he hopes will raise billions of dollars.
He has promised to recover "every single dime" spent on bailing out financial services companies, MSNBC reports today (January 14th).
"My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people," he added.
The tax, which is being called a 'financial crisis responsibility fee', will be imposed over a ten year period on banks with more than $50 billion (£30.7 billion) in assets.
In December's Pre-Budget Report, the British government introduced a bonus tax applied on payments above £25,000. Some analysts predict that this could raise as much as £4 billion for the Treasury's coffers.
The US government spent more than $250 billion (£153 billion) on bank bailouts since the start of the global financial crisis.
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