Levin Embarks on Small Business Jobs Bill


 Senate Finance Chairman Max BaucusMax BaucusLawmakers: Leave advertising tax break alone GOP: FBI firing won't slow agenda White House tax-reform push is ‘game changer,’ says ex-chairman MORE (D-Mont.) is working on a similar proposal, but ranking member Chuck GrassleyChuck GrassleySenate panel questions Lynch on alleged FBI interference The Hill's 12:30 Report GOP senator surprises top Dem with birthday cake MORE (R-Iowa) will likely oppose an expansion to Build America Bonds.
 
The bonds offer Federal subsidies to state or local governments to defray borrowing costs on a wide array of projects, from infrastructure to public housing. Grassley argues increased subsidies don’t increase the construction of new projects, but instead go to Wall Street firms in increased underwriting fees for issuing the bonds.
 
“Build America Bonds result in higher underwriting fees for the Wall Street banks that underwrite the bonds than for traditional tax-exempt bonds,” Grassley said in prepared remarks. He added that news reports claim “Wall Street banks have made more than $1 billion in underwriting fees on Build America Bonds deals in less than a year.”
 
Baucus has not scheduled a mark up for his legislation.