Representative Saxton Goes to Bat for Small Investors


The following article is provided courtesy of CCH, Inc.


The current method of taxing mutual funds investors is discriminatory, unfair and economically counterproductive, according to a new study released on April 23 by the Joint Economic Committee (JEC). The study, "The Taxation of Mutual Funds Investors, Saving and Investment," highlights a reported defect in the tax law that imposes capital gains taxes on mutual fund investors although their shares have plunged in value.

"This study shows the need to change the tax law so that it does not impose punitive taxes on ordinary middle-class taxpayers attempting to save for retirement, education, medical and other needs," said Rep. Jim Saxton, R- N.J., Joint Economic Committee Chairman. "This feature of the tax law is one of the worst examples of how our tax system is biased against personal saving and investment, and is literally economically counterproductive," he said.

Representative Saxton on January 3 introduced a bill (HR 168) in the House that would amend the Internal Revenue Code to allow individuals an exclusion from gross income for certain amounts of capital gains distributions from regulated investment companies.

You may like these other stories...

Boehner addresses GOP priorities ahead of midterm electionsHouse Speaker John Boehner (R-OH) on Thursday delivered what amounted to closing arguments ahead of the November elections, laying out a list of Republican...
As anyone who's ever been through a divorce can attest, the pain of parting with your spouse isn't just emotional—the fallout from divorce can wreak financial havoc as well long after the dust in the courtroom...
Former DOJ Tax Division head Kathryn Keneally joining DLA Piper in New YorkGlobal law firm DLA Piper announced on Thursday that Kathryn Keneally, the former head of the US Justice Department Tax Division, is joining the firm...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.