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ARTICLE · 04 FEBRUARY 2015

Tax Policy Update - January 27, 2015

McGuireWoods LLP
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NUMBER OF THE WEEK: $110 Billion - The amount expected to be raised over the next 10 years from the Obama Administration’s plan to impose a 7 basis point fee on the liabilities of banks with more than $50 billion in assets.

United StatesTax
Russell Sullivan
Russell Sullivan
Danielle Dellerson
Danielle Dellerson

NUMBER OF THE WEEK: $110 Billion

The amount expected to be raised over the next 10 years from the Obama Administration's plan to impose a 7 basis point fee on the liabilities of banks with more than $50 billion in assets. The proposed tax has already received criticism from the financial services industry. Additional details are expected to come with the release of the president's FY 2016 budget proposal on Feb. 2.

LEGISLATIVE LANDSCAPE

Hatch Plans to Reintroduce SAFE Retirement Act. Senate Finance Chairman Orrin Hatch is looking to reintroduce the 2013 legislation (S. 1270), which would overhaul the country's pension system with reforms to both private and public sector plans. In addition to the various provisions aiming to modify and simplify existing plans, the SAFE Act would also require the Treasury Department to consult with the Securities and Exchange Commission when working to formulate rules regarding fiduciary duty, giving the Treasury "sole

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