U.S.A. President Approves Bill Extending Tax Rates Until 2010 - SIA Praises Capital Gains And Dividends Tax Extension

The Securities Industry Association (SIA) praised President Bush and Congressional leaders today for finalizing a bill to extend the current tax rates on capital gains and dividends. Originally set to expire in 2008, the reconciliation bill (HR 4297) extends the maximum tax rate of 15 percent on capital gains and dividends through 2010.

“Today marks a day of victory for the economy and the 93 million investors our firms represent,” said Marc Lackritz, president of SIA. “Since their passage in 2003, these tax rates have created over 5 million new jobs and boosted GDP by over 4 percent. By extending these tax cuts, the President and leaders of Congress have ensured that our economy’s growth will remain on course through 2010.”

“I congratulate the President and leaders of Congress for providing certainty and stability to investors and the economy,” added Richard Hunt, senior vice president, federal policy. “This legislation has been paramount in fostering a dynamic economy with record growth and production. The extension is the crown jewel of the tax reforms enacted during the Bush Administration.”