A Republican proposal to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry, said Representative Kevin Brady, the chairman of Congress’s Joint Economic Committee.
Representative Kevin Brady of Texas, chairman of the Joint Economic Committee, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that a Republican plan to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry.
House Speaker John Boehner will allow a vote on a Senate agreement to end the government shutdown and extend U.S. borrowing authority, said Representative Kevin Brady of Texas, a senior House Republican.
Republican Representative Kevin Brady predicted in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that Congress won’t reach a deal this year to avert the so-called fiscal cliff of automatic spending cuts and tax increases scheduled to start in January.
Federal Reserve Chair Janet Yellen made it clear she believes the economy still requires a strong dose of stimulus five years after the recession ended because unemployment and inflation are well short of the Fed’s goals.
A fresh legislative effort to allow companies to return profits to the U.S. at a lower tax rate will likely run into the same problems that have dogged repatriation advocates in recent years: its cost and the lack of guarantees that it will create jobs.