ATLANTA, Ga., July 31 – AAHOA Interim President and CEO Rachel Humphrey issued the following statement in response to a letter Sen. Ted Cruz (R-TX) sent to Treasury Secretary Mnuchin urging him to include an inflation adjustment in the Treasury’s calculation of capital gains tax liability:
“America’s hoteliers are optimistic that the Treasury will move to factor inflation into the calculation of capital gains tax liabilities to create a fairer tax code. This will allow small business owners that sell a capital asset to realize tax savings by having to pay taxes on the asset’s appreciation based on today’s dollars – these are savings that they can reinvest into higher wages, improved employee benefits, new construction, and new jobs in their communities. Innovative approaches like this that allow a small business owner to invest more of their own money into their life’s work are key to continued economic growth and investment in job creation. We appreciate Senator Cruz and the other signatories on his letter for their support of this important commitment to America’s small businesses.”
A copy of the full letter is accessible here.