U.S. Sen. Sam Brownback (R-KS) called for a one-year cut in the capital gains tax rate to help stimulate the economy.
Brownback, in Kansas City, Kan., this week to take part in the Reach Out and Read program, said the country is at a “front end of a recession” and that tax cuts should be made.
“I would like to see a one year target of cuts to the capital gains tax,” Brownback told the Kansas City Kansan.
Brownback, who voted against the $700 billion bailout package that passed last week, said the capital gains tax rate should be cut to five percent for “assets bought or sold during the year and held for more than three years.”
Brownback also suggested that depreciable assets should be able to be purchased and allow the repatriation of the U.S. capital held overseas to be at a two percent tax rate.
Brownback also supported a cut to the interest rate, which was hinted at by Federal Reserve Chairman Ben Bernanke this week.
Along with Brownback, U.S. Sen. Pat Roberts voted against the bailout. U.S. Rep. Dennis Moore was the only member of the Kansas Congressional delegation to vote for the bailout last week.
