In a surprising turnaround, the largest U.S. banks appear to be in the slightly shaky crosshairs of Republicans, who are proposing a 3.5 percent tax on banks with assets exceeding $500 billion. The proposal from Representative Dave Camp (R-MI), chairman of the House Ways and Means Committee, first reported in Bloomberg News, would raise taxes on 10 companies, including the largest banks and non-banking institutions such as General Electric Company (NYSE:GE)’s financing arm. The bank tax is projected to raise $86.4 billion for the U.S. government over the next decade, the report noted, as it said the likelihood was the…
Republican Proposal Would Tax Largest Banks
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.