Council urges extension of capital gains tax cuts
The New England Council said it is urging Congress to extend the current tax rate on capital gains and dividends, rather than allowing them to increase at year’s end.
The council, an alliance of businesses, academic, and health institutions, and public and private organizations throughout New England that aims to promote economic growth and a high quality of life in the region, added that it sent a letter to each member that argues that an extension of existing rates would encourage investment in companies that create jobs and drive the regional economy. (Please click here to read a copy of the council's letter.)
In a statement, council president and chief executive James T. Brett said: “Allowing the tax rates on capital gains and dividends to increase dramatically at the beginning of next year would interrupt economic gains we’ve worked so hard to make in the past 18 months. Continuity and predictability in taxes helps facilitate economic growth, and it simply does not make sense to increase these taxes just as we are beginning to see signs of recovery.”
Brett is shown above right in a Globe file photo.