Roskam: Cap capital gains, dividend tax rates permanently
Calling it a way of "removing uncertainty" that is hampering economic growth, GOP Chief Deputy Whip Peter Roskam of Wheaton is seeking to permanently cap the capital gains and dividend tax rates at 15 percent.
Those rates are set to expire at the end of 2012 — a course that President Barack Obama and Democrats say is necessary to help close the country's gaping deficit. Capital gains taxes, now at 15 percent, would go up to 20 percent come 2013. Dividend taxes, also at 15 percent, would increase to just shy of 40 percent.
"If we don't act, Americans who rely heavily on those tax rates — from seniors to businesses to investors of all kinds — will be severely negatively impacted," " said Roskam, 6th District Congressman and member of the powerful Ways and Weans Committee.
The legislation is the fourth piece that Roskam has filed this year.
As a member of Republican leadership, much of Roskam's focus is in guiding, persuading and educating other members of the GOP delegation about the House Republican agenda, but this piece ties in fittingly with the House Republican agenda this fall — one that focuses heavily on tax and regulatory relief.
Roskam's office says the legislation on capping the rates has support from 27 businesses and business organizations.
Idaho Republican Michael Crapo is introducing companion legislation in the Senate.