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White House Considers New Tax on Large Banks

HeadlineJan 12, 2010

The White House is considering imposing a new tax on large banks in an effort to recoup some of the money taxpayers spent on bailing out the financial system. The New York Times reports the general idea is to devise a levy that would help reduce the budget deficit and would also discourage the kinds of excessive risk-taking among financial institutions that led to a near collapse of Wall Street in 2008. The Obama administration has so far rejected a transaction tax on financial trades and a special tax on executives’ bonuses.

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