by Jeremy Scott
... It might seem natural that policymakers would target [derivatives] as a source of revenue, especially given that derivatives largely escaped from Dodd-Frank unscathed. What might be surprising is that it's a Republican who is pushing hardest for a major tax increase on financial companies.
House Ways and Means Chair Dave Camp, R-Mich., would require derivatives to be marked to market at the end of every year. That is the centerpiece of Camp's latest tax reform discussion draft (which also includes relief for homeowners and several other taxpayer-friendly provisions). After resisting even the milquetoast reforms of Dodd-Frank, House Republicans are now expected to get behind a plan that would require the financial sector to contribute significant new revenue. The reason, according to The Huffington Post, is that Republicans, and Camp in particular, are angry at the CEOs and other financial sector leaders who got behind the Fix the Debt group, which pushed the GOP to accept higher taxes in exchange for a grand bargain on deficit reduction.
The Huffington Post story, by Ryan Grim and Zach Carter, relies heavily on unnamed Republican sources. (Is there any other kind of source anymore?)...
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