President Obama has proposed a new tax to recoup the bailout money handed out to large financial firms during the financial crisis.

President Obama: “We want our money back, and we’re going to get it. And that’s why I am proposing a financial crisis responsibility fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street. If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers.”

The “Financial Crisis Responsibility Fee” would collect an estimated $90 billion over the next ten years from fifty firms. The proposal will apply only to financial firms with over $50 billion in assets, exempting small or community banks.