Archives for Tax

Letter to FASB regarding accounting standards update on income taxes (9/30/16)

Date: September 30, 2016

Issue: Accounting

To: Financial Accounting Standards Board

Filing Type: Comment letter

Description: While the Chamber supports many aims of the proposal, we believe that some elements can be improved, particularly with respect to the term disclosure of “significant” income taxes paid to any country. Additionally, we believe that the proposal would benefit from recognition that disclosure of certain items is either not decision-useful or duplicative of existing SEC requirements, like cash held abroad and certain income-tax related items, and may be motivated by interests outside of the scope of the Proposal.

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Letter to Congress on the Financial Crisis Anniversary and the FAR Agenda (9/13/13)

Date: September 13, 2013

Issue: Regulatory Reform

To:  Members of Congress

Filing Type: Congressional Letter

Description: On the anniversary of the 2007-2008 financial crisis, the Chamber sent a letter to Congress today highlighting our FAR Agenda and SEC Reform Study to address some of the lingering causes of this crisis that remain unaddressed.

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Financial Crisis Responsibility Fee: Issues for Policymakers

The U.S. Chamber  released a study conducted by Hal S. Scott, Nomura professor of international financial systems, Harvard Law School that highlights the negative and unintended consequences the proposed "bank tax" would have on access to credit, job creation, and the overall economy. The study concludes that imposing the tax now would reduce access to credit for job creators and consumers at a time when the economy is still struggling to recover. The study highlights the following six issues for policymakers to consider when determining whether to support the tax: cutting off credit, wrong tax at the wrong time, uncertainty about size of shortfall and arbitrary timeline, potential for double taxation, potential for excessive taxation, and wrong way to reduce leverage and risk.

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S. 1257, the Protect American Investments Act of 2013

Date: July 24, 2013

Issue: Tax

To: The Honorable Pat Roberts

Filing TypeCongressional Letter

Description: S. 1257, the “Protect American Investments Acts of 2013,” which would protect securities transactions in the United States from enforcement of certain excise taxes imposed by any foreign government.

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