The Republican chairman of the tax-writing House Ways and Means Committee, Dave Camp, R-Mich., released a draft document Thursday proposing a series of tax reforms for various types of financial derivatives and other financial products, building on work done by his committee over the past two years.
The proposal outlines changes to tax rules designed to provide greater simplicity and uniformity. Simultaneously, the proposal also seeks to modernize tax rules to minimize Wall Street’s ability to hide and disguise potentially significant risks through the abuse of derivatives and other novel financial products, a contributing factor to the 2008 financial crisis.
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