PRESS RELEASE Friday, September 16, 2011
Rep. Walsh Introduces Bill to Index Capital Gains Tax to Inflation
“This bill will benefit all Americans and create quality jobs in our communities.”
WASHINGTON – Today, Congressman Joe Walsh introduced H.R. 2945 to increase capital access for individuals and small businesses looking to invest and create jobs. Specifically, the bill will amend the Internal Revenue Code to index the capital gains tax to inflation so that taxes are not paid on inflation. Walsh is the chairman of the House Small Business Committee’s Subcommittee on Economic Growth, Tax, and Capital Access.
“This bill will benefit all Americans and create quality jobs in our communities,” said Congressman Walsh. “By not forcing Americans to pay taxes on inflation, we are providing much needed tax relief to American families and freeing up the capital that businesses need to hire more employees.”
“I have held over seventy town halls throughout my district since taking office, and I have heard from my constituents over and over again about the need for tax reform like this. They know that the best way to create jobs is to get the government out of the way, let American families keep more of their earnings, and give businesses the opportunity to create jobs and grow the economy.”
“This issue was also repeatedly raised at the small business forum I held last week to discuss the President’s job plan. I was told by numerous business owners that they needed tax relief, not more government programs.”
“This is the type of real action that Washington needs to take to remove impediments to job growth in this country. Throwing more irresponsible stimulus money at the problem is not going to create jobs. Common-sense tax and regulatory reforms like my bill will enable American families and businesses to create jobs now and invest in the future.”