by Marsha Blackburn | April 3, 2009 3:13 am
Do you have a 401k to ensure that you can comfortably retire? Do you have a college savings fund for your children? Do you think you’re rich? The President assumes that you are and wants to punish you for your savings. Like many Americans, you’ve probably seen your nest egg disappear with the recession. Do you think it’s fair that while you’re trying to rebuild your savings to preserve children’s future, and secure your own, the President wants to slow down your progress?
We all know that capital investments are no longer only for the wealthy; college savings funds and 401k’s are staples for hard working families. These families urgently want to recoup the losses in their savings accounts as soon as possible and suspending the Capital Gains Tax can help them do that. Congress can help people who have seen their retirement funds decrease by 50% by responsibly suspending the Capital Gains Tax. Indeed, the Capital Gains Tax only accounted for 3.2% of all taxes collected in 2005. Suspension would allow those savings to be recovered more speedily. That’s why the Republican budget offers tax relief to Americans: permanently extending the 2001 and 2003 tax cuts and suspends the capital gains tax through 2010.
President Obama’s budget implements significant tax increases in order to fund his increase in spending of over $4 trillion in 2009. The President’s budget will increase taxes by $1.5 trillion over ten years. This includes increasing the capital gains tax from 15% to 20% which raises taxes by $118.1 billion over ten years. Instead of allowing Americans to save and secure their long term economic prosperity, the Democrats want to slow the rate at which we can save. The compassion of their rhetoric is not met by their actions as they sacrifice your family’s future in the name of government expansion.
Americans don’t want Washington to play politics with their prosperity. Americans deserve the opportunity to get their feet back on the ground. Americans have the right to save and watch their investments grow to achieve a sense of economic security for their future, and their children’s future. Americans deserve economic prosperity, and Republicans have given them that opportunity.
Marsha Blackburn is a Congresswoman from Tennessee.
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