All Weekend, Every Weekend. On C-SPAN3.

House and Senate Cmtes. Examine Capital Gains Tax Reform

Washington, DC
Thursday, September 20, 2012

The Senate Finance Committee and the House Ways and Means Committee hold a joint hearing on capital gains taxation proposals and tax reform.

Currently, the maximum capital gains tax rate is 15 percent, while the maximum individual income tax rate is 35 percent. Absent Congressional action, on January 1, 2013 the maximum statutory capital gains rate will increase to 20 percent  and the maximum individual income tax rate will increase to 39.6 percent.

Also beginning in 2013, an additional 3.8 percent tax will be imposed on net investment income earned by certain individuals. Additionally, the scheduled 2013 restoration of the “Pease limitation” on itemized deductions will impose a roughly 1.2 percent marginal rate on capital gains, bringing the top federal rate on capital gains to 25 percent.

“It has been more than 25 years since the last major tax reform occurred. The world has changed drastically in that time and America’s tax code hasn’t kept up. It’s time we had a tax code for the 21st century, one that can create jobs, spark innovation and expand opportunity," Chairman of the Senate Finance Committee Sen. Max Baucus (D-MT) said.

House Ways and Means Committee Chairman Dave Camp (R-MI) said that this is the third time the two committees, who are both pursuing tax reform, have held a joint hearing.

Witnesses include: David H. Brockway, partner, Bingham McCutchen LLP; Lawrence B. Lindsey, president and CEO, The Lindsey Group; Leonard E. Burman, professor of public affairs, Syracuse University; David L. Verrill, founder, Hub Angels Investment Group LLC; and William D. Stanfill, general partner, Montegra Capital Income Fund.

 

 

Updated: Thursday, September 20, 2012 at 12:41pm (ET)

Related Events

Senate Hearing on Modernization Efforts for Medicare and Medicaid
Thursday, February 28, 2013     

Jonathan Blum, the acting principal deputy administrator and director of the Center of Medicare at the Centers for Medicare and Medicaid Services, testifies before the Senate Finance Committee on a progress report on the modernization of Medicare and Medicaid.

Finance Cmte. Looks at Economy; Approves Jacob Lew as Treasury Secretary
Tuesday, February 26, 2013     

The Senate Finance Committee voted 19-5 to approve Jack Lew’s nomination to be Treasury Secretary Tuesday, setting up a Senate floor vote in the next few days. Sen. Charles Grassley (R-IA)  was among the five Republicans Senators who opposed the president’s nominee, citing Mr. Lew’s years at Citigroup as the reason.

House Ways and Means Holds Hearing on Debt Limit
Tuesday, January 22, 2013     

The House Ways and Means Committee holds a hearing on the national debt limit. They examine the history of the debt limit, how past Congresses and Presidents have negotiated and raised the limit and whether the Constitution provides options to the Executive Branch when the debt limit is reached. 

Sen. Cmte. Looks at Tax Incentives for Energy Efficiency
Wednesday, December 12, 2012     

The Senate Finance Subcommittee on Energy, Natural Resources, and Infrastructure examined how incentives for energy efficiency can fit into tax reform.

Washington Insiders Tackle 'Fiscal Cliff' Policy Solutions
Tuesday, December 4, 2012     

The policy group Campaign to Fix the Debt held a roundtable discussion on the importance of tax and health care reform to address the $14.3 trillion national debt and avert the so-called "fiscal cliff."

Gender, Sexuality & the 2012 Elections
Friday, November 9, 2012     

Columbia University hosted a discussion on women’s issues in this year’s election and how those issues may be addressed during the upcoming Congress.

Business Leaders on Election 2012 & the Fiscal Cliff
Tuesday, October 9, 2012     

Leading Authorities Inc, a progressive lecture agency, hosted a discussion with business leaders on key economic and business issues in the upcoming Presidential and Congressional elections.

House Cmte. Looks at Status of Medicare Advantage Program
Friday, September 21, 2012     

The House Ways and Means Subcommittee on Health holds a hearing on the current status of the Medicare Advantage program. More than 13.5 million beneficiaries use Medicare Advantage plans, which are offered by private companies who contract with Medicare to provide Part A and B benefits.

Senate Finance Cmte. Marks Up Tax Extender Legislation
Thursday, August 2, 2012     

The Senate Finance Committee meets to consider legislation dealing with a number of short-term tax breaks known as tax extenders. 

Sec. Geithner Testifies on Financial Stability Report, Defends Position on LIBOR
Wednesday, July 25, 2012     

Treasury Secretary Tim Geithner says the Financial Stability Oversight Council (FSOC) and other regulatory agencies are investigating the possible impacts of the LIBOR scandal on the U.S. financial system. Geithner appeared before the House Financial Services Committee. He says after market concerns were raised about rate manipulation back in 2008, appropriate U.S. regulatory and British officials were notified. Geithner added that LIBOR is structured in a way that’s vulnerable to misreporting and British officials were urged to address the issues.

Share This Event Via Social Media
Book TV (late 2012)