Rep. Walsh: Index Capital Gains Tax to Inflation

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.”

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3 Comments

  • LC Truth

    The panty waste was just named one of the most corrupt members of congress. I can’t believe you choose to still put him on a pedestal….and you wont be in his district come 11/12. You do such a great job with talking about the community and then you support this yahooooo.
    Now his bill is a redundant piece of legislation that is already in the work. Good concept though!

  • Gene Carey

    L.C. ~ Things must actually be running pretty smooth in Washington if the only corruption this liberal right-wing organization can come up with is back child support payments.

    Quoting Wikipedia’s definition of political corruption:

    “Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by private persons or corporations not directly involved with the government. An illegal act by an officeholder constitutes political corruption only if the act is directly related to their official duties.

    Forms of corruption vary, but include bribery, extortion, cronyism, nepotism, patronage, graft, and embezzlement. While corruption may facilitate criminal enterprise such as drug trafficking, money laundering, and human trafficking, it is not restricted to these activities.”

    Too bad they can’t find something more current that Walsh has done ‘since’ he was elected rather than old news on his personal financial problems. On the other hand your buddy, Obama, may get investigated for putting the taxpayers on the hook for over 500 million dollars to a solar company that he was warned about in advance that it was a BAD investment. Yet HE pushed the deal forward. Obama can’t blame Bush for this error.

    And, speaking of redundant pieces of legislation, how many times is Obama going to keep sending the same regurgitated economic recovery package to Congress knowing it will be DOA? Same ‘tax the rich’ plan with no real ideas on how to fix the economy. Using figures from savings on a draw down in war expenses is NOT cutting spending. This has been anticipated and has nothing to do with coming up with an economic plan without printing more money.

    Lonnie ~ Welcome 🙂 I suspect that Walsh will be able to hold his own in the 14th and may surprise a lot of naysayers. One thing is for sure, it will be an exciting race to follow. We appreciate you being here.

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