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.
Camp's 979-page draft proposal, released yesterday, would eliminate dozens of breaks and reduce rates in the most complete reconstruction of the U.S. tax system since 1986. U.S. business groups, backed by large corporations and their lobbying budgets, are escalating the political pressure on Camp and other lawmakers to prevent provisions that harm them from becoming law.
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