From the U.S. Chamber comes this urgent message, as an advocate for business:
The Senate is working to renew some of the tax cuts and credits that directly impact all of your businesses, especially those impacting capital gains and dividends. As you might expect, Sen. Cantwell is key to this discussion and needs some evidence that her home state’s business community is solidly behind keeping the capital gains and dividends tax rates at a reasonable level.
The effects of this tax increase are significant and numerous – deterring the use of capital in ways that will grow the economy and create jobs, incentivizing companies to use excessive debt financing, and discouraging businesses from paying dividends. That hurts all Americans, especially seniors, who rely on investment income to supplement their retirement.
Unless Congress acts, the tax rate for capital gains will increase by 33 percent and the tax rates for dividends will increase by as much as 164 percent. The increased cost of capital caused by these increases will hamper economic growth and job creation for years to come.
So, here’s how you can help…please consider adding your organization's name to the business community's letter to Capitol Hill urging them to stop an impending tax hike on capital gains and dividends.
Please add your organization's name to this sign-on letter by Friday, July 23, 2010.
We know this is short notice, and appreciate your thoughtful consideration of this important issue.