Biggest Banks Said to Face Asset Tax in Republican Plan
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The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under a plan to be unveiled this week by Congress’s top Republican tax writer.
The proposal by Representative Dave Camp, chairman of the House Ways and Means Committee, would raise taxes for about 10 companies -- the largest banks along with non-bank institutions such as General Electric Co.’s financing arm -- deemed systemically important. A House Republican aide with knowledge of the plan described it on condition of anonymity.