For Immediate Release
May 17, 2006
|
Contact: |
|
|
|
Travis Larson |
(202) 216-2057 |
|
|
Melissa Buden |
(212) 618-0502 |
President Approves Bill Extending Tax Rates Until 2010
SIA Praises Capital Gains And Dividends Tax Extension
WASHINGTON, D.C., May 17, 2006 – The Securities Industry Association (SIA) praised President Bush and Congressional leaders today for finalizing a bill to extend the current tax rates on capital gains and dividends. Originally set to expire in 2008, the reconciliation bill (HR 4297) extends the maximum tax rate of 15 percent on capital gains and dividends through 2010.
“Today marks a day of victory for the economy and the 93 million investors our firms represent,” said Marc Lackritz, president of SIA. “Since their passage in 2003, these tax rates have created over 5 million new jobs and boosted GDP by over 4 percent. By extending these tax cuts, the President and leaders of Congress have ensured that our economy’s growth will remain on course through 2010.”
“I congratulate the President and leaders of Congress for providing certainty and stability to investors and the economy,” added Richard Hunt, senior vice president, federal policy. “This legislation has been paramount in fostering a dynamic economy with record growth and production. The extension is the crown jewel of the tax reforms enacted during the Bush Administration.”
(Photo courtesy of White House) President George W. Bush signs H.R. 4297,
the Tax Relief Extension Reconciliation Act of 2005, during bill signing
ceremonies Wednesday, May 17, 2006, on the South Lawn of the White House. White
House Photo by Paul Morse
-30-
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.)