The fee would have been payable until the firm had paid off all money provided to it under the Troubled Assets Relief Program (TARP).
[5] If the proposal had passed, the proceeds would have gone into general government revenue and been used to pay the TARP costs of the 2008 financial crisis rather than gone into an insurance fund in anticipation of the next one.
It was endorsed in a Tulane Law Review article that evaluated it along with other financial-industry tax-reform proposals, including the Defazio Financial Transactions Tax.
a preexisting tax law preference for debt financing," and (2) "discourage the [concentration of power in] massive banks.
"[1] Nonetheless, the author expressed concern that the Fee would (1) increase tax-compliance costs and (2) be unfair to stockholders of the affected banks.