On Opposition to Lending Tax in Tax Reform Proposal

Joint Trade Letter to House Ways and Means Committee Chairman Dave Camp: "The undersigned organizations and institutions represent the economic and commercial interests of hundreds of thousands of businesses, small and large, from all sectors of the economy, employing tens of millions of American workers. We strongly support your goal to achieve comprehensive tax reform and thank you for your efforts to date. However, in keeping with our support for pro-growth tax reform, we write to strongly oppose the imposition of any arbitrary new tax on financial institutions. A targeted tax on financial institutions, regardless of form or motivation, is misguided and utterly at odds with the fundamental objective of comprehensive tax reform. The assessment will penalize customers, employees, and investors, increase the cost of capital for American businesses, and undermine the competitiveness of America’s financial sector -- all of which will adversely impact economic growth and job creation."