Obama’s Tax Plan Faces Opposition, Acclaim (C, AIG, BAC)

Many democrats remained silent about U.S. President Barack Obama’s tax plan. The proposed fee would be based on bank liabilities and imposed on companies such as Citigroup Inc. (NYSE: C), American International Group Inc. (NYSE: AIG) and Bank of America Corp. (NYSE: BAC).

Some of Obama’s fellow Democrats expressed opposition. Michael McMahon, a democrat who represents parts of New York City said it is “a mistake” and “inappropriate” to view banks as an easy political target. But other voices were there too. Doug Elliott, a fellow at the Brookings Institution in Washington said that the public is incredibly angry at the banks and feels that the banks have made a huge amount of profits off the taxpayer rescue.