Dave Camp, the Republican House Ways and Means Committee chairman, is filling in the blanks in his plan to revamp the U.S. tax code and leaning on the financial industry to help pay for lower tax rates.
The top Republican tax writer in Congress will lean on the financial industry with his planned revamp of the U.S. code, changing the treatment of carried interest and imposing a levy on the assets of banks and insurers.
The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under a plan to be unveiled this week by Congress’s top Republican tax writer.
Bank of America Corp. , seeking to reduce risk and meet new capital standards, upgraded billions of dollars of distressed mortgage bonds by repackaging them into new securities using a variation of a Wall Street technique that failed during the credit crisis.
Bank of America Corp. , under government pressure to curb private-equity investments, plans to sell $1.2 billion of commitments to funds managed by Warburg Pincus LLC as about 30 employees join two new bank-affiliated ventures, said two people with direct knowledge of the matter.
Bank of America Corp., the lender that’s divesting assets to raise capital, agreed to sell 80.8 million shares of HCA Holdings Inc. back to the health-care company for $1.5 billion. HCA’s stock jumped 12 percent.
Bank of America Corp. agreed to sell its entire stake in Itau Unibanco Holding SA , Brazil’s largest bank by market value, in a transaction that partly fulfills a pledge to boost capital by $3 billion by June 30.