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January 19, 2010

Wall Street Firms to Challenge Obama’s New Tax Plan
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Wall Street firms are launching a campaign to challenge the Obama
administration’s proposal for a new tax on large financial firms to
recoup bailout money handed out during the financial crisis. The New
York Times reports a main lobbying group for the big banks, the
Securities Industry and Financial Markets Association, has hired a top
Supreme Court litigator to study a possible legal battle against the
bank tax. The lobbying group claims the proposed tax is unconstitutional
because it would unfairly single out and penalize big banks.



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