07/24/2020 | Press release | Distributed by Public on 07/24/2020 12:49
WASHINGTON, DC - Today, Congressman David Schweikert (AZ-06) introduced the Invest Now Act, legislation that would promote long-term economic growth by encouraging individuals to immediately purchase real estate, stocks, bonds and other forms of property. The Invest Now Act would temporarily reduce the capital gains rate to 5 percent for assets purchased in 2020 amid the COVID-19 pandemic.
'I am pleased to introduce this legislation, as it is imperative during these times to encourage spending to help the economy get back on track,' said Congressman Schweikert. 'This legislation will incentivize individuals to acquire various assets thanks to a reduced capital gains tax rate. It is crucial that we have people investing now to generate the economic uptake needed to support a healthy American economy in the long run.'
'Congressman Schweikert should be commended for introducing the Invest Now Act. By cutting capital gains taxes, this bill will help encourage additional investment, leading to much-needed economic growth, more jobs, and higher wages. As lawmakers continue debating appropriate proposals to include in a forthcoming Coronavirus relief package, they should be sure to include the Invest Now Act,' said Grover Norquist, President of Americans for Tax Reform.
This legislation is designed to encourage immediate acquiring of assets to spur long-term economic growth. If enacted, the Invest Now Act would allow individuals to receive a reduced capital gains tax rate of 5 percent for assets acquired in 2020. These assets must be held for five years before sale in order to receive the 5 percent capital gains rate.
This legislation is co-sponsored by Congressman Devin Nunes (CA-22) and has been supported by Americans for Tax Reform.
To read the full text of this legislation, click HERE.