House and Senate Hold Joint Hearing Today on Tax Reform and Capital Gains

The House Ways & Means Committee and Senate Finance Committee hold a rare Joint Hearing today on Tax Reform and the Tax Treatment of Capital Gains:

The hearing will focus on the taxation of capital gains in the context of comprehensive tax reform. It will explore several tax reform policy issues relating to the treatment of capital gains, including background on capital gains taxation and its history, the impact of the capital gains tax rate on investor behavior, the treatment of capital gains as compared to ordinary income, the revenue-maximizing rate on capital gains, the distribution of capital gains income across taxpayer income levels, and the types of assets eligible for capital gains treatment.

• David H. Brockway (Partner, Bingham McCutchen)
• Leonard E. Burman (Professor, Syracuse University)
• Lawrence B. Lindsey (President & CEO, The Lindsey Group)
• David L. Verrill (Founder and Managing Director, Hub Angels Investment Group)
• William D. Stanfill (Founding Partner, TrailHead Ventures)

In connection with the hearing:

• Joint Committee on Taxation, Present Law and Background Information Related to the Taxation of Capital Gains (JCX-72-12)
• Center on Budget and Policy Priorities, Raising Today’s Low Capital Gains Tax Rates Could Promote Economic Efficiency and Fairness, While Helping Reduce Deficits
• Citizens for Tax Justice, Ending the Capital Gains Tax Preference Would Improve Fairness, Raise Revenue and Simplify the Tax Code