D.C. Council Shoots Down Capital Gains Tax Cut | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

D.C. Council Shoots Down Capital Gains Tax Cut

Play associated audio
The D.C. Council was back in session Wednesday, and an early measure to lower capital gains tax was voted down handily.
Larry Miller: http://www.flickr.com/photos/drmillerlg/1246397248/
The D.C. Council was back in session Wednesday, and an early measure to lower capital gains tax was voted down handily.

The D.C. Council today shot down Mayor Vincent Gray's proposal to lower the capital gains tax for residents who invest in D.C.-based tech firms.

Despite Gray's heavy lobbying for the measure, which he says will help grow D.C.'s tech sector by attracting angel investors, the council voted 11-1 to remove the tax cut from a larger piece of legislation. Instead, the issue will go before the D.C. tax commission for further study.

D.C. has an 8.95 percent capital gains tax rate. The proposal would have lowered it to 3 percent for investments in local tech start-ups. Advocates say that without it, investors will move to Virginia or Maryland when they want to cash out, because the rates are lower there.

Critics, including some on the council, have called the proposal an unfair tax break for the city's wealthiest residents, and say it's unlikely anyone would move just to save money on selling a stock.

NPR

This Weekend, Navigate The Changing World Of 'Vikram Lall'

M.G. Vassanji's book, The In-Between World of Vikram Lall, wrestles with questions of identity in a story about a young Indian boy coming of age in 1950s Kenya, a time of great political unrest.
NPR

No Resume? Criminal Background? No Problem At This Yonkers Bakery

Social justice is part of the recipe at New York's Greyston Bakery. The firm, whose clients include Ben & Jerry's, hires locals whose legal status or work history might otherwise make them unhirable.
NPR

Senate Blocks Measures To Extend NSA Data Collection

The Senate worked late into the night but was not able to figure out what to do about expiring provisions in the Patriot Act that authorize the NSA's bulk collection of Americans' phone records.
NPR

The Future Of Cardiology Will Be Shown In 3-D

The Living Heart Project aims to create a detailed simulation of the human heart that doctors and engineers can use to test experimental treatments and interventions.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.