SIFMA today released a statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy in anticipation of a vote by the House of Representatives on H.R. 4853, a bill that would address expiring tax cuts.
“Congress must take action before the end of the year to extend expiring tax rates on capital gains and dividends to ensure our continued economic recovery. The legislation under consideration today in the House does not address this critical issue, and threatens to undermine future economic growth and job creation.
“Without permanent extension, tax rates on capital gains and dividends are set to increase by 33 percent and 164 percent, respectively. Those increases would directly and negatively impact job growth, capital formation, as well as seniors who rely heavily on income from their investments.
“We urge members of Congress to support legislation that will extend these low rates for capital gains and dividends for all taxpayers.”