Biggest burden from Camp’s comprehensive tax review could fall on retail investors
After thinking they would be ignored in a broad reform of the US tax system led by David Camp, retail investors could find themselves in the firing line for phantom income tax, say bankers
Although the first soundings on an overhaul of the US tax system failed to recognise that retail investors were buyers of derivatives, the latest comments from structured product bankers suggest they will be caught in the proposed reforms, whereas hedge funds and institutions will not because they tend to trade the investments rather than holding them for more than a year. Although it may not materialise until 2015, some legislation is expected to appear.
David Camp, Republican chairman of the
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