I believe all Americans of all political parties benefit from low investment tax rates. I would also like to point out that the most significant Bush income tax cuts were not from 2001, but were from the 2003 Jobs and Growth Tax Relief Reconciliation Act (JGTRRA), which President Bush signed into law on May 27, 2003.
In my view, the 2003 reduction of capital gains and qualified dividends to 15 percent should be made permanent because it affects all of us. Dividends received from most of your investments, including perhaps your own small family business, are now taxed at a historically very low rate of 15 percent. In addition, each time we sell real estate or other capital assets, whether for business or personal use, we only pay tax at 15 percent on the gain. This encourages us to take financial risks and grow our personal and business wealth without the threat of high taxes, which helps each community grow and prosper, including Charleston.
The main argument against making these tax cuts permanent is that it will make our already record-setting deficit even higher. Many would point out, however, that raising taxes only gives more money to the government and gives our elected representatives no incentive to cut the costs of running the country and balance the budget.
Regardless of your party affiliation, it would be important to recognize how important low capital gain and dividend rates are to the health of the nation.
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