Associations Recommend Comprehensive Tax Reforms

In response to requests for comments issued by the United States Senate Committee on Finance, SIFMA and the United States Chamber of Commerce (the "Chamber") made recommendations advocating comprehensive tax reform that would affect both corporate and individual taxpayers.

SIFMA offered the following recommendations:

• Federal Exemption for Municipal Bond Interest. Preserve this exemption in order to promote investments in infrastructure. Additionally, provide tax credits for private investors in infrastructure projects, and allow state and local governments to issue bonds on behalf of private borrowers for infrastructure-related projects.
• International Tax Reform. Develop an exemption system that does not tax residents on income earned from conducting foreign business. Ensure that businesses are not dissuaded from repatriating foreign earnings into the American economy, and encourage American competition in foreign markets.