In 2023, Congress successfully passed the Camp Lejeune Justice Act to guarantee a compensation process for veterans and other victims exposed to contaminated drinking water at Camp Lejeune, North Carolina. Despite this law successfully passing, concerns about...
News
Latest News
Rubio Introduces Make America Active Again Act
Insufficient physical activity has been consistently linked to obesity, attention deficit disorders, poor sleep, and poor mental health. In children, these challenges result in long-term educational and developmental challenges, which leave them underprepared for...
ICYMI: Rubio Responds to WSJ on U.S. Trade with China
Letter to the Editor: On U.S. Trade Policy with China U.S. Senator Marco Rubio (R-FL) September 25, 2024 Wall Street Journal …When our leaders established so-called free trade with state-subsidized Chinese companies, 2.4 million Americans lost their jobs…. It took...
Rubio Introduces Bill Requesting U.S. Sanctions on Fentanyl Precursors and Manufacturers
Due to the Biden-Harris Administration’s disastrous open-border policy, fentanyl has been easily trafficked through our borders and is one of the leading causes of death in America. Foreign entities in Mexico and Communist China, who are manufacturing this deadly...
Rubio: Family, Community, and Faith Are the Fiber of our Nation
Photo courtesy of the National Religious Broadcasters association. On September 19, U.S. Senator Marco Rubio (R-FL) spoke to the National Religious Broadcasters association on the importance of faith-based messaging. “The most important thing the government can do is...
Rubio, Colleagues to Biden-Harris Officials: Individuals Tied to Cuban Regime Are Not Welcome
Under U.S. law, any individual who has been, or is affiliated with a Communist Party is deemed inadmissible for entry into our nation. However, under the Biden-Harris Administration’s mass immigration program, it’s been reported that individuals tied to the...
Rubio, Moolenaar Introduce Bill to Revoke Capital Gains Rate for Investments in Communist China
Many Wall Street financial firms choose to invest in Communist China, pouring hundreds of billions of dollars into enterprises that maintain Communist China’s military, rely on slave labor, and violate trade rules to dismantle American businesses and jobs. This benefits neither the American people nor the American economy, and threatens U.S. national security.
Nonetheless, the U.S. tax code rewards these investments with a generously low capital gains tax rate.
U.S. Senator Marco Rubio (R-FL) and U.S. Representative John Moolenaar (R-MI) introduced the bicameral Patriotic Investment Act to prevent the U.S. tax code from rewarding investments in Communist China.
- “The Capital gains tax rate was meant to encourage investment in American innovation, not fund an oppressive communist regime, but Wall Street continues to give money to our adversaries and reap rewards from the American tax system. Enough is enough. My Patriotic Investment Act will level the playing field and ensure that our tax code no longer encourages investments that undercut American businesses and workers.” – Senator Rubio
- “For too long, Americans investing in China’s military-industrial complex have been given unfair tax breaks that allow them to profit from funding our adversary. That’s wrong and Senator Rubio and I are introducing this legislation to put a stop to this special treatment. Our nation’s tax code should be incentivizing investment in the United States, not collaboration with the CCP.” – Congressman Moolenaar
Specifically, this bill would encourage divestment from Chinese securities by removing the beneficial capital gains tax rate for these investments. Chinese investments would instead be taxed at the highest income rate. This increased rate would only apply to financial gains that accrue in the future, not gains that have already accrued. Companies and individuals would have six months to divest after passage of the Patriotic Investment Act, and they would be given the ability to spread tax payments over three years.