Obama Administration considers tax on companies paying out large employee bonuses - Spokane, North Idaho News & Weather KHQ.com

Obama Administration considers tax on companies paying out large employee bonuses

WASHINGTON. - The Obama Administration is looking for ways to make Wall Street pay for its big bailout.

The government is still $126 billion in the red and is looking at new taxes and fees on banks.

The government's recouped most of your money but is leaning on big banks to give more, and put some restrictions on those big executive bonuses or face penalties.

Later this week, we'll learn just how much the big banks will pay in bonuses this year.

Tuesday, the FDIC, which insures your deposits, asked the public to weigh in on a plan to charge higher insurance premiums to banks that base bonuses on risky lending.

"We estimate $100 billion in losses for the deposit insurance fund over a 5-year period. The industry has to pay for that," said FDIC Chairwoman Sheila Bair.

The plan would offer lower rates to banks that offer more stock instead of cash bonuses and require employees to pay the bonuses back if their deals don't perform.

Opponents argue the agency's over-stepping its authority.

"While the FDIC's rulemaking authority to establish a risk-based deposit insurance is broad, it is not limitless," said FDIC Board Member John Dugan.

Congress and the Federal Reserve are also working on executive pay restrictions and the administration is reportedly looking at taxing banks.

"When you try and gerrymander the economic system to try and meet your political objectives, is a bad idea," said President of the U.S. Chamber of Commerce Tom Donohue.

Business leaders argue banks will just pass those taxes on to customers.

The tax idea is still being discussed and may be revealed as part of the President's budget.

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