Obama's budget includes assumed revenue that will require Congress to pass new taxes or fees. For example, the budget includes a 鈥淔inancial Crisis Responsibility Fee鈥� that will total $30 billion over 10 years.
The major banks have already repaid most of the Troubled Asset Relief Program (TARP) loans they received during the financial crisis, and the US Treasury has profited on the most of the shares it received in return for the help. However, according to the Obama budget, the financial companies are continuing to 鈥渋mplicitly benefit鈥� from the money they received from the government.
What are the chances of Congress agreeing with Obama?
鈥淚t is almost certain this won鈥檛 happen,鈥� says Stan Collender, a partner at Qorvis Communications and a budget expert.
Davis agrees, adding it鈥檚 鈥渁lmost certain the bank tax won鈥檛 even get a hearing.鈥�
