The CEO of Wisconsin’s MacIver Institute and leaders from conservative groups across the country wrote to the chairman of the U.S. House Ways and Means Committee asking for an end to taxing capital gains inflation and to cut the corporate tax rate to 15% or less.
The corporate tax letter asks for an extension of cuts that came with the Tax Cuts and Jobs Act of 2017.
“An ambitious corporate rate cut would fuel our struggling economy with a flood of capital into the United States, stop capital from leaving the United States, create a spike in job opportunities for all Americans, and generate economic growth across-the-board,” the letter said.
The inflation letter gave an example of an item bought for $100 now being taxed at $120 due to inflation, not an increase in the item’s value.
“It is simply unfair for a taxpayer to have to pay capital gains tax on inflation, since the taxpayer receives no actual increase in value or purchasing power due to inflation,” the letter said. “Quite the opposite. The taxpayer is already struggling to pay for everyday expenses, and then also has to pay capital gains tax on phantom gains. It is long past time for this injustice to be corrected.”
The letters came from the Advancing American Freedom coalition including leaders from MacIver, Americans for Tax Reform, the American Securities Association, Americans for Prosperity, State Financial Officers Foundation, Taxpayers Protection Alliance, American Business Defense Foundation, Small Business & Entrepreneurship Council, ForAmerica, Job Creators Network, Pelican Institute for Public Policy, RI Center for Freedom & Prosperity, Rio Grande Foundation, Strategic Coalitions and Initiatives, Tradition, Family, Property, Inc, 60 Plus Association and American Association of Senior Citizens.
It also includes leaders from NSIC Institute, American Commitment, The Heartland Institute, Heartland Impact, Missouri Center-Right Coalition, Tea Party Patriots Action, Center for a Free Economy, Center for Freedom and Prosperity, Center for Individual Freedom, Oregon Capitol Watch Foundation, Manuel H. Johnson Center for Public Affairs Political Economy, The Conservative Caucus, Orthodox Jewish Chamber Of Commerce and Less Government.
