Under a new Obama admin­is­tra­tion pro­posal, GMAC could be taxed as the bailout funds are recouped. But GM or Chrysler will be exempt. There’s still no deci­sion on which banks or how much will be taxed. GMAC’s sta­bil­ity is cru­cial to GM and Chrysler recov­er­ing from bank­ruptcy reorganization.