January 19th, 2015 by WCBC Radio
The White House has announced that the President will outline a series of changes to the tax code during the 2015 State of the Union. The President’s proposal includes new tax credits for two-earner families, expanded child care and education benefits along with changes to the capital gains tax, estate tax and financial services sector.
Congressman John K. Delaney (MD-6), the only former CEO of a publicly-traded company in the House, issues the following statement:
“The economy has been transformed by globalization and technology and too many have been left behind. We need a big new agenda to make sure more Americans benefit from these historical trends and a key component is a fairer tax code. For many years I have believed that the various ways that we tax different kinds of income in the tax code is unfair. Middle-class Americans shouldn’t pay a higher share than the most fortunate, which is why I’ve long supported changes like the Buffett Rule. Problems with the capital gains and estate tax have been at the core of why our tax code has become distorted.
“I approach this issue as someone who has been incredibly blessed. As an entrepreneur and someone who raised lots of capital to start businesses, I understand first-hand that investment capital will continue to flow. The stated aims of our current capital gains policy simply don’t reflect the reality of what happens in the private sector when companies form or expand. I founded and led two companies that became publicly-traded and was the CEO of a commercial lender that helped thousands of small businesses grow. The capital gains rate was largely irrelevant.
“As a pro-growth progressive, I applaud the President for using the State of the Union to start a national conversation about tax reform and how it can be focused on helping working Americans. I look forward to reviewing the details of his proposal. A fairer tax code, paired with broader corporate tax reform and smart investments in infrastructure and research, can encourage more growth and shared prosperity.”
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