Commentary by Forum President and CEO Rob Nichols: "There are a number of things that can be done to spur economic growth, but making real progress on immigration reform, tax reform, debt reduction, and further trade liberalization will create the growth America needs."
By MJ Lee, Zachary Warmbrodt, and Jon Prior House Ways and Means Committee Chairman Dave Camp (R-Mich.) on Wednesday released his much anticipated proposal for overhauling the tax code. His plan to tax big financial firms received a lot of attention earlier this week, but the sweeping proposal touches on several areas of concern to stakeholders in the debates [...]
By Jonathan Weisman WASHINGTON — Big banks would face a new tax on lending. Taxes paid to state and local governments would no longer be deductible. The earned income credit for low-wage workers would be converted to a more limited deduction on payroll taxes. The mortgage deduction and retirement savings breaks would be curtailed. Representative [...]
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.
“The Forum supports pro-growth, comprehensive tax reform and we thank Chairman Camp for his efforts on this front. However, in keeping with our support for pro-growth reform, we strongly oppose the new lending tax on financial institutions that is included in the Chairman’s proposal. Such a tax will hurt economic growth and job creation by increasing the cost of capital for American families and business, and undermining U.S. global financial competitiveness. Furthermore, a tax that singles out one specific industry is utterly inconsistent with the fundamental goals of tax reform to lower rates, broaden the base, and remove industry specific treatments."
Forum Statement on Agreement to Extend Tax Rates, Including Those on Dividends and Capital Gains, For Two Years
“The Financial Services Forum applauds the work of President Obama and Members of Congress in reaching an agreement to extend tax cuts for all Americans, specifically tax rates on capital gains and dividends, for a two-year period."
"A policy proposal from the Financial Services Forum has been cited by the Senate Democratic Policy Committee as one of the 2009 Fresh 50: Fifty New Policy Ideas for Senate Democrats."