Number of representatives supporting a phase-out of the capital gains tax increases to 27
WASHINGTON – Earlier today, the Zero Capital Gains Tax Caucus announced that eight new congressional members have joined the caucus, increasing the total membership to 27.
Sponsored by representatives Dreier (R-Calif.) and Hall (D-Texas) in the House, and senators Shelby (R-Ala.) and Miller (D-Ga.), the Zero Capital Gains Tax Caucus seeks to educate policymakers and voters about the harsh impact of capital gains taxes on American families and economic growth.
The new members include five House members and three senators. Representatives Lamar Smith (R-TX), Saxby Chambliss (R-GA), Fred Upton (R-MI), Jeff Miller (R-FL), and Joe Wilson (R-SC) joined their Senate colleagues Orin Hatch (R-UT), Michael Crapo (R-ID), and Wayne Allard (R-CO) to further discuss the benefits of lower capital gains taxes to American workers, the American economy, and the federal budget.
Taxpayer advocate Grover Norquist, who heads Americans for Tax Reform (ATR) in Washington, welcomed the new members and congratulated them for their bold leadership on an issue so important to the health of the economy and American taxpayers.
"Today we pay taxes out of our paychecks, our savings, our investments, and when we die the government wants another half of what is left," he said. "Real tax reform taxes income only once. The current capital gains tax is simply tax money that has already been taxed before and that must be changed."
ATR announced its efforts to help build membership in the caucus last summer. An article on the formation of the caucus can be found on page 4 of ATR\’s Fall 2000 newsletter, The Tax Reformer, at http://www.atr.org/taxreformer/index.html.
"Capital gains taxes rob families of the savings they need to buy homes, send their children to college, and plan for their retirements. There is simply no logical justification for taxes on capital gains. I salute the new members of the Caucus for their bold leadership on this critical issue, and I encourage all members of the House and Senate to join their efforts," Norquist concluded.