Tags: US | Bank | Tax

Schumer: Put Bank Tax in Financial Reform

Tuesday, 20 Apr 2010 12:37 PM

 

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Sen. Chuck Schumer says a new tax on banks should be included in financial regulations that could come up for a vote in the Senate as soon as this week.

President Barack Obama has proposed a tax on bank liabilities that would raise an estimated $90 billion over the next decade. On Tuesday, Schumer called the proposal "a commonsense way to make sure the taxpayers are repaid."

The idea of new tax on banks is gaining support among congressional Democrats who want to use the tax to help recoup money from the Wall Street bailout.

The banking industry argues that much of that money is already being repaid, in some cases, at a profit to taxpayers.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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