SIFMA and other associations provide comments to the House Ways and Means Committee and the House Republican Leadership opposing a lending tax in the tax reform proposal issued on Wednesday, February 26, 2014.
The groups strongly support the goal to achieve comprehensive tax reform. However, in keeping with the support for pro-growth tax reform, the groups write to strongly oppose the imposition of any arbitrary new tax on financial institutions. A targeted tax on financial institutions, regardless of form or motivation, is misguided and utterly at odds with the fundamental objective of comprehensive tax reform. The assessment will penalize customers, employees, and investors, increase the cost of capital for American businesses, and undermine the competitiveness of America’s financial sector — all of which will adversely impact economic growth and job creation.
SIFMA co-signed the letter with: American Bankers Association (ABA), Consumer Bankers Association (CBA), Financial Services Forum (FSF), The Financial Services Roundtable (FSR), Independent Community Bankers of America (ICBA), Institute of International Finance (IIF), Mortgage Bankers Association (MBA), Property Casualty Insurers Association of America, The Clearing House Association (TCHA), and the U.S. Chamber of Commerce Center for Capital Markets Competitiveness.