Fat Cats

White House Proposes Bailout Tax

How will taxpayers get the bailouts back? President Obama proposed a new “financial crisis responsibility fee”—basically, a steep tax increase on about 50 banks, insurance companies, and broker dealers to raise about $90 billion over 10 years. "My commitment is to recover every single dime the American people are owed," Obama said in a statement. “And 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—who have not been made whole, and who continue to face real hardship in this recession."