Biggest Banks Said To Face Asset Tax In Republican Plan

Biggest Banks Said To Face Asset Tax In Republican Plan
FILE - In this May 17, 2013 file photo, House Ways and Means Committee Chairman Rep. Dave Camp speaks on Capitol Hill in Washington. The storm engulfing the Internal Revenue Service over agents targeting conservative political groups could provide a much-needed boost to members of Congress working to simplify an outdated tax code that is so complicated most Americans hire someone fill out their returns. (AP Photo/Charles Dharapak, File)
FILE - In this May 17, 2013 file photo, House Ways and Means Committee Chairman Rep. Dave Camp speaks on Capitol Hill in Washington. The storm engulfing the Internal Revenue Service over agents targeting conservative political groups could provide a much-needed boost to members of Congress working to simplify an outdated tax code that is so complicated most Americans hire someone fill out their returns. (AP Photo/Charles Dharapak, File)

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 a plan to be unveiled this week by the top Republican tax writer in Congress.

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