SIFMA AMG today released the following statement from Tim Cameron, SIFMA Managing Director and head of SIFMA’s Asset Management Group (SIFMA AMG) expressing concerns with several tax changes being considered in Congress as part of the reconciliation bill:
“As Congress debates the reconciliation package, raising taxes on Main Street investors is the wrong direction to look and runs contrary to the Biden Administration’s promise not to raise taxes on middle-income Americans. Provisions like raising taxes on capital gains and dividends, changing the derivatives tax regime, new restrictions on the ability of individual retirement accounts (IRAs) to invest in alternative investments, and changing the tax treatment for exchange traded funds (ETFs) all directly impact Americans working to build savings and to have a successful retirement. We urge Congress to carefully consider the real-world impact on everyday savers and move away from these tax hikes.”