U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
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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.” – senador 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.