Capital Gains Tax and Small Business

Recently, Senator Ron Wyden published this OpEd in USA Today: Trump's capital gains tax idea is handout to the rich, broken promise to workers

Sen. Wyden demonstrates how little Trump’s proposed capital gains tax will benefit the majority of people living in our country. Instead of growing the Main Street economy, Trump’s plan will only further line the pockets of CEOs and the wealthiest one percent and siphon from essential programs like affordable healthcare, Medicaid, food assistance, and Social Security.

Roughly half of all private sector jobs in our country are created by small business owners, most of whom saw little or no benefit from the most recent GOP tax bill and won’t see any breaks from Trump’s capital gains proposal. Instead their employees, communities, and even their own families will suffer from cuts to critical services to pay for another $1 billion break for those who need it the least.

Communities suffer when funds for things like education, infrastructure, and healthcare are cut back. And when communities suffer so do small businesses. Most tax breaks go to big corporations, billionaires and millionaires, while middle class and working families have seen almost no change in their incomes over the past few years. If Trump really wants to grow the economy, he and Congress should focus less on Wall Street and more on Main Street.