Mike Pence: “today the United States is burdened with one of the highest capital gains taxes of any industrial nation. The effect…”

“today the United States is burdened with one of the highest capital gains taxes of any industrial nation. The effect puts our country's companies and workers at a severe disadvantage. On average, the capital of U.S. businesses and farmers is taxed 80 percent higher than our foreign competitors. The economy needs and those who we represent deserve immediate capital gains tax relief. The capital gains tax is an assault on the American dream. For many low- and moderate-income workers, one of the ways of accumulating wealth is through investment in stocks and businesses. When the government puts a high tax on capital gains, people who lose the most from the high rate are the poorest, the youngest, those in the beginning of their careers, those who are further from the sources of capital. Policies that punish success ultimately kill the seeds that promise enterprise and jobs to the poor. Those in our communities are asking for our help, Mr. Speaker. Their message to us, to the President, and all in this Congress could not be clearer: give us the seed capital for inner-city jobs and investments. Turn this economy around, cut capital gains and cut capital gains taxes now.”