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Congressman Mike Thompson

Representing the 5th District of CALIFORNIA

Chairman Thompson Opposes Possible Capital Gains Tax Changes

Jul 31, 2019
Press Release
Administration signals potential changes to benefit top earners

Washington – Today, House Ways and Means Subcommittee on Select Revenue Measures Chairman Mike Thompson (CA-05) announced his opposition to the Administration’s potential change that would index capital gains taxes to inflation.

“Our nation’s founding documents themselves state that tax legislation must originate within the House Ways and Means Committee. With this potential change indexing capital gains taxes to inflation, not only is the Administration trying to go around Congressional authority, it’s trying to give out the benefits to the richest one percent. All this comes after the President and Republican leaders added more than $2.3 trillion to our national debt with the 2017 tax law. This is bad policy that undermines the three, separate branches of government to help out those at the top and stick working families with the bill. I plan to strongly oppose any such changes.”

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Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties.  He is a senior member of the House Committee on Ways and Means where he chairs the Subcommittee on Tax Policy. Rep. Thompson is Chairman of the House Gun Violence Prevention Task Force. He is also Co-Chair of the bipartisan, bicameral Congressional Wine Caucus and a member of the fiscally-conservative Blue Dog Coalition.