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 U.S. Securities and Exchange Commission is considering granting private-equity firms a reprieve after they collected billions of dollars in deal fees without being registered to do so, according to a person with knowledge of the matter.
Private-equity executives, who spent millions of dollars successfully fighting efforts to raise taxes on their investment profits, may not escape a new 3.8 percent levy in President Barack Obama’s health-care law.
Representative Sander Levin outlined a new proposal in his five-year effort to increase the tax rate that private equity managers and other investment executives pay on their so-called carried interest earnings.
It isn’t unusual for Mitt Romney to be interrupted by hecklers at campaign stops. On the Sunday before the New Hampshire primary, his rally in Exeter was briefly held up when a group of Occupy Wall Street protesters began chanting “Mitt kills jobs!”
President Barack Obama asked lawmakers to again consider increasing taxes for high earners, private equity managers and oil and gas companies to pay for his $447 billion job-creation package, running into Republican resistance along the way.