GMAC Financial Services is likely to be taxed under a new Obama administration proposal to impose a levy on U.S. banks to recoup bailout money -- even as General Motors Co. and Chrysler Group are being exempted.
“GMAC will likely be subject to the fee,” a Treasury Department spokeswoman said yesterday in an e-mail.
The administration hasn’t decided how much each bank would pay or when it would make a final decision on which institutions to include in its proposal, said the spokeswoman, who asked not to be identified.
If approved by Congress, the new tax would require banks including J.P. Morgan Chase & Co., Citigroup Inc. and Bank of America Corp. to pay a total of $90 billion over 10 years. The revenue would cover most of the expected $117 billion loss to Treasury’s Troubled Asset Relief Program. The Bush administration initiated TARP in 2008 to bail out financial institutions.
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