The Securities Market Coalition discussions and slides – House Ways and Means Financial Product Discussion Draft

The Camp Proposal
Ed Tilly – CBOE
Recently, you may have read news accounts of the U.S. House Ways and Means Committee’s draft proposal (under the leadership of Committee Chairman Dave Camp – R-MI) to overhaul the entire tax code. The proposal is now included in President Obama’s 2014 budget.

The draft proposal addresses what we realize is a difficult and complex task of crafting comprehensive tax reform, but, as currently drafted, would radically revise the taxation of listed options. If the proposal becomes law in its current form, it would make the use of listed options much less attractive and would have devastating effects on the options industry and the customers it serves. The proposal also includes a repeal of the 60/40 tax treatment, which we have long opposed.

The Securities Market Coalition (made up of all U.S. options exchanges and the OCC) is working to inform Members of Congress about the implications of the draft. Our educational efforts focus on what we believe are unintended consequences of the draft proposal.

Below is a link to the House Ways and Means Financial Product Discussion Draft, which details the proposed tax changes. Also linked are two handouts from the Securities Market Coalition: one that addresses several key provisions in the Chairman’s discussion draft proposal and a second that outlines implications of the proposal. I encourage you to read them to determine the implications for you and your business.

House Ways and Means Financial Products Discussion Draft: (pdf)

US Securities Markets Coalition Congressional Hand Out: (pdf)

Real-World Examples, Implications on Options: (PowerPoint)

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