Please ask Secretary of the Treasury Mnuchin to index capital gains taxation to inflation. This petition will be open for signatures from February 13 – March 13, 2018. Sign the letter below…
Dear Secretary Mnuchin:
Dear Secretary Mnuchin,
We join with Americans for Tax Reform to urge you to use your authority to modify the calculation of capital gains taxes to include an inflation adjustment.
While Congress passed a bold tax reform package at the end of 2017, the benefits of tax reform have not extended to law-abiding overseas Americans, who still struggle under the double taxation imposed by the United States’ unique system of citizenship-based taxation.
This capital gains taxes cut could be offered to all American citizens by adding inflation adjustment to capital gains calculations. For example, if you make an investment of $1000 in 2000 and sell that investment for $2000 in 2017, the gain of $1000 will be taxed at the top rate of 23.8%. However, if the purchase price was adjusted to reflect inflation, the adjusted purchase price would be $1421 in 2017 dollars. The ‘true gain’ would be $579. Unadjusted, the tax bill would be $238. Adjusted for inflation, the tax bill would be $138.
Linking capital gains taxation to inflation would benefit corporations as well as both stateside and overseas Americans.
Tax reform must benefit all Americans.
We urge you to link capital gains taxation to inflation.
Find out more about Territorial Taxation for Individuals.