ICBA and the nation’s community banks share Chairman Camp’s goals of lower tax rates that incentivize investment and strengthen our economy.
(PRWEB) February 26, 2014
The Independent Community Bankers of America® (ICBA) today thanked House Ways and Means Committee Chairman Dave Camp (R-Mich.) for his efforts in proposing comprehensive reforms to the nation’s tax code. As an association representing C corporations, S corporations, mutuals and thrifts, ICBA supports comprehensive tax reform that will provide for a more sensible tax code and stronger economic growth.
“ICBA and the nation’s community banks share Chairman Camp’s goals of lower tax rates that incentivize investment and strengthen our economy,” ICBA President and CEO Camden R. Fine said. “We look forward to continuing to work with Chairman Camp and others in Congress to provide much-needed tax relief to consumers, small businesses and the community banks that serve them.”
ICBA looks forward to analyzing the proposal and its potential impact in greater detail. The association is nevertheless concerned with proposals that could result in higher taxes on S corporations and a tax that exclusively targets financial institutions. With more than 2,000 community banks organized under Subchapter S of the tax code, any reforms should not only preserve this model but help strengthen it. Further, while the proposed bank tax would apply to the largest financial institutions, targeting the financial industry sets a dangerous precedent that could inappropriately sweep in community banks and inhibit economic growth. Additionally, we oppose changing the existing tax treatment for the expense of FDIC insurance premiums since it is a genuine business expense for all FDIC-insured banks.
ICBA will continue to evaluate this proposal and looks forward to continuing to work with Chairman Camp and others in the House and Senate as the tax-reform debate continues.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit http://www.icba.org.
# # #