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Next Big Tax Fight Could Pit Wall Street Against Private Equity

Loss of the interest tax benefit could discourage debt issuance.

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Debate over a border adjustment tax is consuming Washington, but another, less-discussed proposal in House Speaker Paul Ryan’s tax plan stands a better chance of being included in a GOP overhaul bill.

The measure would force companies to include the interest they pay on loans in their taxable income. That could pit financial services firms such as banks and insurers that have been promised relief from the proposal against private equity firms, which rely on leverage and wouldn’t get special treatment.

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