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The Issues by William Coit
Monday, November 26, 2001Capital Gains Tax
I support reducing capital gains taxes. What are capital gains taxes? It is a tax on economic profits. This type of tax is levied on the sale of assets, e.g.., businesses and shares. This has the effect of reducing the number of transactions because that is one of the ways of avoiding the tax. High capital gains taxes erect a significant barrier to the movement of savings from old established companies to newer and more innovative enterprises. In fact, they become a tax on social mobility, as does a highly progressive income tax structure. It protects those who inherited money. They can live off their family's accumulated capital against those who are trying to accumulate capital. It is not a tax on the rich but on getting rich; it encourages those who have accumulated wealth to simply conserve it while reducing the flow of venture capital, the lifeblood of new entrepreneurs.Income Tax
I will introduce legislation to enact a “Middle Class Tax Cut”: A tax cut of 33% on incomes of $20,000-$65,000. The lowest rate will move from 15% to 10%.
Example: Mr. and Mrs. Brown are filing a joint return. Their taxable income on Form 1040 is $40,000. The 2000 tax due is $6,004. My bill will reduce Mr. and Mrs. Brown taxes by 33%. ($6004 - $4000 = $2004) The couple will save $2004.
Federal Estate Tax or “Death Tax”
I support abolishing the Death Tax. Few taxes are more hostile to saving than the “death tax.” It is important that families be allowed and encouraged to save or invest money to secure long-term stability. Most assets affected by this tax are already taxed at least twice, once as income and again as a capital gain. Therefore, eliminating the death tax would provide incentives for people to take a long-term view of their lifetime investment decisions. This kind of incentive would provide the capital markets with another source of wealth.
Marriage Penalty Tax
I support abolishing the marriage penalty tax. The marriage penalty occurs when the total tax paid by a married couple filing a joint return exceeds the amount they would pay if they were single taxpayers filing separate returns. In many cases, this means that two unmarried working taxpayers living together realize a lower combined total
Capital Gains Tax
Income Tax
Federal Estate Tax or “Death Tax”
Marriage Penalty TaxSearch the Thomas Congressional Bills Data Base
I'd like to hear from you on the issues. Please tell me your opinion:
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