For Immediate Release
May 10, 2006
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Contact: |
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Travis Larson |
(202) 216-2057 |
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Melissa Buden |
(212) 618-0502 |
House Extends 15% Tax Rates On Capital Gains And Dividends Through 2010
WASHINGTON, D.C., May 10, 2006 – The Securities Industry Association (SIA) released the following statement today after the House voted to extend through 2010, the current tax rates of 15 percent on capital gains and dividends.
“The 78 million Baby Boomers about to enter retirement need certainty and predictability of tax rates in order to plan for their future,” said Marc Lackritz, president of SIA. “This extension provides them with that assurance. SIA commends the leaders of the House for providing our next generation of retirees with the tools they need to begin their lives after leaving the workforce.”
“Extending the tax rates is good for the economy as well as the average investor. In the three years since the tax rates were first enacted, over 5 million jobs have been created and the GDP has grown by over 4 percent,” added Richard Hunt, senior vice president, federal policy. “This is broad based tax reform that benefits the average investor. Nearly 60 percent of the taxpayers who benefit from these rates make less than $100,000 annually.”
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The Securities Industry Association brings together the shared interests
of more than 600 securities firms to accomplish common goals. SIA's primary mission is to build and
maintain public trust and confidence in the securities markets. SIA members (including investment banks,
broker-dealers, and mutual fund companies) are active in all U.S. and foreign
markets and in all phases of corporate and public finance. According to the Bureau of Labor Statistics,
the U.S. securities industry employs nearly 800,000 individuals, and its
personnel manage the accounts of nearly 93-million investors directly and
indirectly through corporate, thrift, and pension plans. In 2005, the industry generated an estimated $322.4 billion in domestic
revenue and an estimated $474 billion in global revenues. (More information about SIA is available at: www.sia.com.)