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| Version 0 | Version 1 |
|---|---|
| Obama to detail bank bail-out tax | Obama to detail bank bail-out tax |
| (10 minutes later) | |
| President Barack Obama is expected to announce plans for a new tax to be levied on bailed-out US banks later. | President Barack Obama is expected to announce plans for a new tax to be levied on bailed-out US banks later. |
| The fee is designed to recoup some of the $120bn (£74bn) US taxpayers are expected to lose from bailing out the banks during the financial crisis. | The fee is designed to recoup some of the $120bn (£74bn) US taxpayers are expected to lose from bailing out the banks during the financial crisis. |
| It comes ahead of the latest reporting season on Wall Street, with banks expected to report record bonuses. | It comes ahead of the latest reporting season on Wall Street, with banks expected to report record bonuses. |
| However, it is not yet clear how the fee will be levied, nor how much it is expected to raise. | However, it is not yet clear how the fee will be levied, nor how much it is expected to raise. |
| Retrospective action | Retrospective action |
| Reports suggest that Mr Obama will charge banks based on their assets or profits, rather than targeting bankers' bonuses specifically as in the UK and France. | Reports suggest that Mr Obama will charge banks based on their assets or profits, rather than targeting bankers' bonuses specifically as in the UK and France. |
| There is a neat logic to the Obama approach Robert Peston, BBC business editor Peston: Obama bashing the banks | There is a neat logic to the Obama approach Robert Peston, BBC business editor Peston: Obama bashing the banks |
| The BBC's business editor Robert Peston suggests that banks could be charged depending on their reliance on wholesale finance - money provided by other banks and financial institutions. | The BBC's business editor Robert Peston suggests that banks could be charged depending on their reliance on wholesale finance - money provided by other banks and financial institutions. |
| The tax, described by officials as a "financial crisis responsibility fee", would be imposed over a period of 10 years, reports say. | The tax, described by officials as a "financial crisis responsibility fee", would be imposed over a period of 10 years, reports say. |
| It would amount to a retrospective bill for some of the taxpayer assistance received by these banks. | It would amount to a retrospective bill for some of the taxpayer assistance received by these banks. |
| The US government spent more than $250bn bailing out banks during the financial crisis through its Troubled Asset Relief Programme (Tarp). | The US government spent more than $250bn bailing out banks during the financial crisis through its Troubled Asset Relief Programme (Tarp). |
| Although much of this money has been refunded, the cost of Tarp is estimated to be $120bn. |