Former Senator John Breaux Joins Alliance for Savings and Investment (ASI) In Campaign to Extend Today’s Capital Gains & Dividend Tax Rates
Washington D.C. — The Alliance for Savings and Investment (ASI) announced today that former U.S. Senator John Breaux is joining the alliance to lead the advocacy efforts in favor of an extension of the current capital gains and dividends tax rates. Breaux’s addition comes as Congress is expected to begin debating in earnest the extension of the 2001 and 2003 tax cuts which expire at the end of the year.
“Keeping tax rates for capital gains and dividend income low and equal for all Americans is common sense tax policy that will encourage job creation, strengthen our economic recovery and protect seniors and other taxpayers from rising tax bills,” Breaux said. “That is why I’m excited to join the Alliance for Savings and Investment to advocate for extending the current rates. This is an issue that transcends partisanship because it is critical to our economic success and I’m pleased to join my former colleague Jim McCrery in lending a voice to this cause.”
Senator Breaux had a long and distinguished career representing Louisiana in the U.S. Congress. He was elected to the House of Representatives in 1972 at the age of 28—at the time of his election he was the youngest member of Congress. He represented the 7th District of Louisiana for 14 years before being elected to fill Senator Russell Long’s seat in 1986. In the Senate he was a leader in efforts to reduce the capital gains tax and to provide tax relief for college education expenses. He joins his former colleague Representative Jim McCrery as a lead advocate for ASI.
Absent Congressional action, current capital gains ad dividend tax rates will automatically increase for all taxpayers on January 1, 2011. The dividends rate would skyrocket 164 percent to 39.6 percent for some taxpayers, while the capital gains rate would increase by 33 percent. These tax increases would deter investment, threaten thousands of American jobs, and discourage corporations from paying dividends to their shareholders – which would hurt American investors at all income levels, especially seniors who rely on dividend income to supplement their fixed monthly income.
ASI is a diverse group of dividend-paying companies, investor organizations, and trade associations committed to strengthening the economy through policies that foster private savings and capital investment. ASI members include AGL Resources, Altria, American Forest & Paper Association, American Gas Association (AGA), AT&T, Business Roundtable, Capital Research and Management Company, CenturyLink, Edison Electric Institute (EEI), Financial Services Forum, Frontier Communications, Investment Company Institute (ICI), Mass Mutual, National Association of Manufacturers, National Association of Water Companies, Qwest, Securities Industry and Financial Markets Association (SIFMA) , Spectra Energy, UPS, U.S. Chamber of Commerce, USTelecom Association, Verizon, Windstream, Xcel Energy.