Geithner: A bank tax based on profit would be less effective

Obama's proposal essentially places a tax on larger financial firms whose portfolios regulators determine are too risky. 

House tax-writers are supposedly looking to base their bank tax on profits, according to Senate Finance Chairman Max BaucusMax BaucusLawmakers: Leave advertising tax break alone GOP: FBI firing won't slow agenda White House tax-reform push is ‘game changer,’ says ex-chairman MORE (D-Mont.).