Goldman Critic Sides With Buffett to Shut Futures Tax ‘Loophole’
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A U.S. senator known on Wall Street for taking on Goldman Sachs Group Inc. has a new target -- a tax benefit for derivatives traders that has also been derided by Warren Buffett, the billionaire investor and tax-code critic.
The special congressional committee set up to cut $1.5 trillion from the federal deficit should consider taxing futures and other derivatives at ordinary income rates, Senator Carl Levin, a Michigan Democrat and chairman of the Permanent Subcommittee on Investigations, wrote in a letter to the panel. The Office of Management and Budget has estimated that a similar administration proposal could raise about $2.8 billion in revenue.