* Mr. FINCHER. Mr. Speaker, I rise today to discuss an issue of great importance to individuals as they save for retirement and to assist companies to have the capacity to create jobs. The tax burdens placed on families and businesses hinders job creation, job retention, and innovative breakthroughs in technology.
* The capital gains tax placed on families and family businesses creates less employment, produces less investment. Thus, making America less competitive in the global economy, and is just another example of how our tax code unfairly punishes innovation and wealth creation.
* That is why I am pleased to introduce the Invest in America Act, which reduces the capital gains tax rate to zero for ten years for families, investors, and collectors. Simply put, my bill will create stability in the economy by allowing families and businesses to plan for the future. Lower taxes create a stable economic environment will encourage innovations, breakthroughs, and job creation by providing much needed capital to businesses and entrepreneurs. Lowering the cost of future consumption encourages more Americans to invest and create wealth.
* Many countries, such as Germany, have no capital gains tax at all. At a time when the burdensome tax code and regulations are driving American businesses to be less competitive globally reducing the capital gains rate here at home would spark American investment and increase our competiveness globally. Bottom line, we need a streamlined tax code that is fairer, flatter, and simpler that encourages investment and wealth creation in order to get this country moving and working again.
* Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the Invest In America Act and bring stability to the American economy.