Congress’s two tax-writing committees, the House Ways and Means Committee and the Senate Finance Committee, held a joint hearing Thursday to discuss capital gains taxes and how they might be reformed.
Like what you see? Click here to sign up for Accounting Today's daily newsletter to get the latest news and behind the scenes commentary you won't find anywhere else. Currently capital gains are taxed at a maximum of 15 percent, compared to the top rate of 35 percent on ordinary income. Senate Finance Committee chairman Max Baucus, D-Mont., said the process of reforming the nation’s tax system must include a comprehensive review of the rates on capital gains to find a level that sparks broad-based growth, creates jobs and strengthens the economy.
To read the full, original article click on this link: Congress Considers Changing Tax Treatment of Capital Gains
