The word repeal appears 278 times in the summary of Representative Dave Camp’s ambitious plan to revamp the U.S. tax code. Credit unions and pipelines are among the businesses relieved that the slashing doesn’t apply to them.
The tax break for some investors in the $3.7 trillion municipal bond market would be curbed under changes proposed by the top House tax writer, a shift that may diminish the appeal of buying local-government debt.
Takeda Pharmaceutical Co., Japan’s largest drugmaker, is the most popular stock in the first weeks of a tax-free investment program as buyers favor less-volatile shares amid the biggest equity slump among developed markets.
Edward C. Taylor’s fascination as a Princeton University chemistry professor with butterfly wing pigmentation led him to invent a compound that Eli Lilly & Co. turned into the $2.5 billion-a-year cancer drug Alimta.
The tax-exemption on interest paid by state and local bonds faces a “real threat” from the congressional supercommittee charged with shrinking the U.S. deficit, said John L. Kraft, a municipal-bond attorney.