of which is distinct from another: Financial stability contribution (FSC) Financial stability contribution (FSC) – a tax on a financial institution's balance sheet (most probably on its liabilities or possibly on assets) whose proceeds would most likely be used to create an insurance fund to bail out the industry in any future crisis rather than making taxpayers pay for bailouts. Much of the IMF's report is devoted to the first option of a levy on all major financial institutions balance sheets. Initially it could be imposed at a flat rate and later it could be refined so that the institutions with the most risky portfolios would pay more than those who took on fewer risks. The levy could be modeled on US President Obama's proposed Financial Crisis Responsibility Fee to raise US$90 billion over 10 years from US banks with assets of more than US$50 billion. If Obama's proposal had passed, the proceeds would have gone into general government revenues. They would have been used to pay the costs of the 2008 crisis rather than gone into an insurance fund in anticipation of the next one. Financial activities tax (FAT) A financial activities tax (FAT) – a tax on the sum of bank profits and bankers’ remuneration packages with the proceeds going into general government revenues. Financial transaction tax (FTT) A financial transactions tax (FTT) – a tax on a broad range of financial instruments including stocks, bonds, currencies and derivatives. In November 2009, two months after the G20 Pittsburgh summit, G20 national Finance Ministers met in Scotland to address the financial crisis of 2007–08, but were unwilling to endorse the German proposal for a financial transactions tax: "European Union leaders urged the International Monetary Fund on Friday to consider a global tax on financial transactions in spite of opposition from the US and doubts at the IMF itself. In a communiqué issued after a two-day summit, the EU’s 27 national leaders stopped short of making a formal appeal for the introduction of a so-called "Tobin tax" but made clear they regarded it as a potentially useful revenue-raising instrument." While the IMF does not endorse an FTT, it concedes that "The FTT should not be dismissed on grounds of administrative practicality." Difference between a bank tax and a financial transactions tax A "bank tax" ("bank levy") differs from a financial transaction tax in the following way: A financial transaction tax