Congress’ two tax-writing committees, the House Ways and Means Committee and the Senate Finance Committee, held a joint hearing last week to discuss capital gains taxes and how they might be reformed.
Senate Finance Committee chair 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.
He added that the reform process needs to consider the capital gains rate in conjunction with those on individual wage income, corporate income and dividends. Baucus also noted that many high-income earners have a lower effective tax rate than middle class families, because the capital gains tax rates are lower than those on wages.
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OSCPA’s 2012 Ohio Business Poll will focus on this and other opportunities for federal and state tax reform. A representative sampling of Ohio CPAs will be invited to participate. Look for the results after the November elections.