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SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, on the lending tax in the House Republican Tax Reform Proposal, which would impose a new tax on financial institutions:
"While we are encouraged by Chairman Camp's commitment to comprehensive tax reform, we oppose the unprecedented imposition of a tax on a single sector, and further, on a subset of a single sector that is contradictory to the principles of tax reform and simplicity. We are concerned that this new tax will have far-reaching unintended consequences that could stifle economic growth and job creation at a time when the economy is still struggling to gain traction. Further, as proposed this tax would negatively impact the allocation of credit and provisions of financial services to individuals and institutions.
"We continue to review the proposal and assess other areas of concern, such as the provisions on municipal bonds that could raise borrowing costs for state and local governments, and prospective changes to rules governing retirement accounts. While we support comprehensive tax reform, we must be careful that any proposals moving forward do not jeopardize American prosperity or pass undue burdens onto Main Street businesses and consumers."
