Farewell, Jack Kemp
Former Congressman Jack Kemp was a tireless supporter of low capital gains taxes , its impact on creating an environment for entrepreneurship to flourish and the opportunity to provided for minorities and the disadvantages to get a piece of the American dream. He will be sorely missed as I noted in an obituary in Tax Notes.
Mark Bloomfield, CEO of the American Council for Capital Formation, said Kemp was “always the happier warrior, always looking for new ideas, always looking for allies.” He mentioned Kemp’s “constant enthusiasm” and “nonpartisanship, as opposed to bipartisanship,” and praised his “dedication to making this a country of entrepreneurship.”
"...to marshal more venture capital for more new industries -- the kind of efforts that begin with a couple of partners setting out to create and develop a new product -- we intend to lower the maximum capital gains tax rate."
"The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced in new ventures in obtaining capital, and thereby the strength and potential for growth of the economy."