May 30, 2023
The undersigned organizations strongly encourage consideration of a simple policy to quickly address the impacts of inflation on working families, investors, and businesses across America--capital gains indexing.
Congress long ago addressed “bracket creep” by indexing personal tax rates, and other parts of the tax code are also indexed to inflation (alternative minimum tax, estate and gift taxes, earned income tax credit, retirement plan contribution limits, and others), but has failed to index capital gains taxes. Doing so would provide immediate relief from the ravages of inflation.
Even if the current inflation moderates, the couple of years that taxpayers have already endured will create ripple effects for years as people sell capital assets. Some policymakers seek to increase taxes and double down on inflationary policies, but the better answer for millions of Americans is to free investment capital and tax people fairly on actual gains, not artificial “paper gains.”
Government should not profit from inflation. The costs basis for capital gains should be indexed to inflation, like other income taxes.
Wil Armstrong, Chairman
The Armstrong Project
Pete Sepp, President
National Taxpayers Union
Grover Norquist
Americans for Tax Reform
Saul Anuzis, Jim Martin
60 Plus Association
Bob Carlstrom
Association of Mature
American Citizens Action
Horace Cooper, Chairman
Project 21
Ryan Ellis, President
Center for a Free Economy
Tom Giovanetti, President
Institute for Policy Innovation
Heather R. Higgins, CEO,
Independent Women’s Voice
Jeff Hunt, Director
Centennial Institute
Phil Kerpen, President
American Commitment
Karen Kerrigan, President
Small Business and Entrepreneurship Council
Travis Korson, Public Policy,
Frontiers of Freedom
Andrew Langer, President
Institute for Liberty
Carol Platt Liebau, President
Yankee Institute
Mario H. Lopez, President
Hispanic Leadership Fund
Gary Marx, President
Concord Fund
David McIntosh, President
Club for Growth
Steve Moore
Committee to Unleash Prosperity
Seton Motley, President
Less Government
Alfredo Ortiz, President
Job Creators Network
Steve Posiask, President/CEO
American Consumer Institute
Charles Sauer, President
The Market Institute
Richard Stern, Preston Brashers
The Heritage Foundation
Greg Sindelar, President
Texas Public Policy Foundation
James Taylor, President
Heartland Institute
David Williams, President
Taxpayers Protection Alliance
Nick Yaksich, Government Relations
Land Improvement Contractors of America
Cesar Ybarra, V.P. for Policy
Freedom Works
Tyler Yzaguirre, President
Second Amendment Institute