Financial services firms will vigorously oppose a provision of the fundamental tax reform proposal released by Rep. David Camp, R-Mich., that calls for a federal tax on large financial services firms—including insurers designated as systemically significant.
"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," financial services trade groups, including the Property Casualty Insurers Association of America, said in a letter to the House and Senate congressional leadership sent late Wednesday.
The letter said 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. "
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