In response to requests for comments issued by the United States Senate Committee on Finance, SIFMA and the United States Chamber of Commerce each offered recommendations on comprehensive tax reform.
In a joint letter, financial industry trade associations asked U.S. Senate Majority Leader Senator Charles E. Schumer and Minority Leader Senator Mitch McConnell not to include proposed legislation titled the Modernization of Derivatives Tax Act of 2021 in any budget reconciliation process.
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.
In a letter addressed to Senate Committee on Finance Chair Ron Wyden and ranking member Michael Crapo, the Security Traders Association highlighted the negative impact proposed legislation on derivatives would have on investors.
In a new whitepaper, SIFMA detailed the potential negative implications of legislation that would reimpose a New York State Stock Transfer Tax.