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

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