H.R. 7253 would enhance economic growth and promote the stability of the financial system of the United States.
Detailed Summary
Economic Growth and Financial Stabilization Act - Amends the Internal Revenue Code to prescribe a 0% capital gains rate for individuals.
Revises the formula for: (1) the alternative tax for corporations to prescribe a 0% capital gains rate; and (2) the ordinary income tax for corporations by eliminating the two tax rate brackets above 25% and reducing the maximum amount of tax imposed.
Establishes in the Department of the Treasury a Distressed Assets Loan Fund under the control of the Secretary of the Treasury to make loans available at low rates of interest to depository institutions with distressed assets.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the maximum amount of deposit insurance and share insurance, respectively.
Treats gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution as ordinary income or loss.
Status of the Legislation
Latest Major Action: 10/3/2008: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Points in Favor
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Points Against
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Visitor Comments
Carol
I can't understand why the middle class is always the only ones to suffer. There should be extended unemployment, yes, again, as there are no jobs. I retired and can't live on my retirement and can't find a job anywhere. No one is hiring. How are we, the middle class, going to get through this winter with the high costs of oil, gasoline and food. Also, I retired from the government and because of that I can't collect any social security benefits although my government retirement is small. I paid in to social security and someone that never worked at all can collect their husbands and I can't even do that. There is something wrong with this picture. There should be a flat tax at whatever percent and no deductions for anyone. We all pay a percentage and the government would collect more money that they know what to do with, because then even the rich will pay their fair share without shelters.