American Jobs and Closing Tax Loopholes Act of 2010--Continued

Floor Speech

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Mr. DeMINT. Madam President, we are obviously considering a tax bill in the middle of a recession, with a lot of folks out of work. Yet we are talking very little about the fact that, within 6 months, tax rates for every American and every business are going to go up. It is already beginning to create uncertainty in our economy. Folks who would otherwise take risks and invest are holding back because of the increase in taxes.

One of the main focuses of what we are doing needs to be on capital gains taxes as well as dividend taxes. Right now, the capital gains tax, in January, is going up--if we do nothing--from 15 to 20 percent. This will discourage investment. The dividend tax will go up from 15 percent to the top rate of nearly 40 percent.

The Heritage Foundation estimates that if we would hold tax rates the same on these two taxes, we would save over 250,000 jobs next year alone.

I am asking my colleagues to consider the urgent need to keep our current tax rates the same, particularly on capital gains and dividends, as we know a lot of seniors are living in part off dividends they receive. If we raise the tax rates on them, it is not going to do anything to help them or our economy.

I am asking that this bill be referred back to committee, that they add this requirement that the capital gains and dividends stay the same, at 15 percent, and bring it back to the floor for a vote.

With that, I yield the floor and suggest the absence of a quorum.

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