A revised version of the low-income housing tax credit often used by banks will be included in Representative Dave Camp’s proposal to revamp the U.S. tax code, said House Republican aides with knowledge of the plan.
A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage- interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.
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.
Italy’s government bonds rose, with 10-year securities extending a fourth weekly gain, as Prime- Minister-designate Matteo Renzi prepared to name his cabinet amid speculation he will accelerate economic reform.
President Barack Obama will emphasize Democratic priorities in his next budget, dropping an offer to trim the growth of entitlement spending and proposing new tax limits for U.S.-based multi-national companies.