Wall Street silent as GOP eyes derivatives

English: US Rep Dave Camp

English: US Rep Dave Camp (Photo credit: Wikipedia)

By Peter Schroeder and Bernie Becker – Rep. Dave Camp (R-Mich.), the chairman of the Ways and Means Committee, released a draft plan last week that he says would modernize the treatment of derivatives and other complex financial instruments that often have similar economic effects but very different tax rules.

Now that Obama’s reelection has cemented Dodd-Frank as the law of the land, Republicans are moving to address the taxing of derivatives, an issue where Dodd-Frank left gaps.

“You might think that the losers would be the financial centers,” said Steve Rosenthal, a tax lawyer and visiting fellow at the Urban-Brookings Tax Policy Center. “Derivatives are by and large traded in Chicago and New York, and historically there have been some strong Ways and Means members from those financial centers.” more> http://tinyurl.com/bkrje4c


Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s