ASI Statement on HR 4853
The Alliance for Savings and Investment (ASI) released the following statement in connection with HR 4853, the tax cut package that is set to be voted on in the House later today:
“Congress can make an immediate and important contribution to America’s economic recovery by extending the current tax rates on capital gains and dividends for all taxpayers. The tax package being considered today in the House (HR 4853) does not achieve that objective. An extension of these rates is necessary to avert the adverse impact on job creation, senior citizens’ standard of living, and the capital markets that a 164 percent tax increase on dividends and a 33 percent increase on capital gains would inevitably have.
The fact that nearly 50 House Democrats support an extension of the current rates for all taxpayers demonstrates that there is strong bipartisan support for a common sense tax policy toward investment income that incentivizes businesses to invest and create jobs. Allowing the maximum dividends rate to return to 39.6% will move our economy in the wrong direction and runs counter to the proposal put forth by the Administration.
The ASI asks Members of Congress to support legislation only if it extends the current tax rates on capital gains and dividends for all taxpayers.”