PenceBlog: <b>Forbes: Congress should enact Pence-Cantor Capital Gains Legislation</b> - U.S. Congressman Mike Pence : 6th District Of Indiana

Steve Forbes writes about the Pence-Cantor Capital Gains Legislation in this article.

Here is an excerpt:

"Representatives Mike Pence (R--Ind.) and Eric Cantor (R--Va.) have introduced legislation that would tie the cost basis of an asset to the GDP deflator. Thus, if the index doubled over ten years, so would the tax basis of this asset: A share bought today for $10 would have an adjusted cost of $20.

"If this feckless Congress doesn't enact Pence-Cantor soon, the White House should be bold and institute indexing by executive order. After all, it was a Treasury ruling, not congressional legislation, that in 1913 decreed the cost basis of an asset would be 'historic' rather than 'real.' (That was not an unreasonable ruling at the time, given that the dollar was fixed to gold.) Democrats will howl and the issue will go to the courts--but the point will have been manifestly made."

posted by Pence Press Office # 7:09 AM