[Congressional Record Volume 155, Number 22 (Wednesday, February 4, 2009)]
[Extensions of Remarks]
[Page E209]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    MIDDLE CLASS INVESTOR RELIEF ACT

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                         HON. MARK STEVEN KIRK

                              of illinois

                    in the house of representatives

                      Wednesday, February 4, 2009

  Mr. KIRK. Madam Speaker, in the past year, shareholders in American 
companies have seen the value of their holdings drop by 30 percent. 
Congress is taking action to stimulate our economy, and reviewing 
options to strengthen oversight of the capital markets that keep our 
economy going.
  We must not forget the small investor. Middle class families have 
watched their nest eggs shrink and their home values drop. Their shaken 
confidence impacts consumer spending and the future growth of our 
nation's economy. Some middle class Americans nearing retirement may 
need to work additional years to earn back their stock losses.
  With continuing economic uncertainty, we must bring relief to middle 
class families while boosting investor confidence in an uncertain stock 
market. Today, I am introducing the Middle Class Investor Relief Act, 
increasing the maximum annual capital loss a taxpayer can take from 
$3,000 to $20,000.
  Current tax law is asymmetrical with regard to taxing capital gains 
and writing off capital losses. Long-term gains are taxed at 15 percent 
while capital loss write-offs are capped at $3,000 per year. An 
individual who lost more than $3,000 in the stock market could take 
years to rebuild his or her holdings. The Middle Class Investor Relief 
Act will correct the asymmetry of current tax law and help middle class 
Americans recover losses and rebuild their portfolios.

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