(Bloomberg) -- 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.
The largest U.S. business groups, including the U.S. Chamber of Commerce and the Business Roundtable, applauded Camp’s effort as progress toward boosting economic growth while stopping short of a full endorsement.
“Everybody knows that we need tax reform and I think anybody that pays attention knows that it’s hard,” said Burman, who was a Treasury Department official in President Bill Clinton’s administration. “Everybody who looks at the plan will have issues with it. That’s kind of the nature of tax reform.”
Taxpayers would have to live in their homes for five of the past eight years -- instead of two of the past five -- to exclude capital gains from their home sale from income.
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