Bloomberg by the Numbers: $86.4 Billion

Photograph by Davis Turner/Bloomberg

The Bank of America Corp. branch in Charlotte, North Carolina.

That’s how much could be raised over 10 years by a tax on banks and insurance companies that House Ways and Means Chairman Dave Camp plans to propose today as part of a federal tax code overhaul.

The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under the plan proposed by Congress’s top Republican tax writer.

It would raise taxes for about 10 companies — the largest banks along with non-bank institutions such as General Electric Co.’s financing arm — deemed systemically important, Bloomberg’s Richard Rubin reports.

It would likely affect JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley, all of which had more than $500 billion in assets as of Dec. 31, according to the Federal Reserve.

 

What do you think about this article? Comment below!