Tax on banks should be collected over long time period


There's a particularly juicy rumor gaining steam that the Obama Administration plans to tax banks to recoup taxpayer-funded bailouts of banks and more.

"I think it's a perfectly reasonable idea," Douglas Elliott, a fellow at the Brookings Institution, a think tank, told WalletPop. "Clearly there is a great deal of public anger about how strongly the larger banks have rebounded."

As average Americans see how their tax dollars contributed to banks making outsized profits even as credit remained restricted and the jobless rate hit 10%, there's a strong public sentiment that banks should return the favor.