House Republicans are joining Wall Street lobbyists to fight moves in Congress to raise taxes on private-equity and other financial firms. Opponents of the legislation -- President George W. Bush and Treasury Secretary Henry Paulson -- see it as singling out one industry and addressing tax-equity problems "piecemeal." Senate Finance Committee aides issued a bipartisan statement that said "far from singling out one industry for punishment, we're simply clarifying that private-equity firms and similar businesses should not receive special treatment in the tax code."

Related Summaries