Lobbying Fury Begins Over Tax Revamp Unlikely to Advance

For a plan unlikely to become law anytime soon, Representative Dave Camp’s proposal to revamp the tax code is causing a lot of agitation among U.S. companies.

The American Petroleum Institute says accounting rule changes could depress energy production. The Financial Services Forum, representing chief executives of the nation’s biggest banks, warns that a tax on their companies’ assets would curtail lending. The National Association of Realtors objects to changes limiting deductions of mortgage interest and property taxes.