Washington doesn't hand out many easy wins. So when one shows up with 100-plus co-sponsors and genuine bipartisan support, it’s a moment for members to act.
The GROWTH Act, short for Generate Retirement Ownership Through Long-Term Holding, fixes a problem in the tax code that has been shortchanging Main Street investors for years. Millions of Americans who hold mutual funds in ordinary brokerage accounts get hit with a capital gains tax bill every year on distributions they never actually received. A fund automatically reinvests the money. The investor never touches it. And yet the IRS bills them anyway. Someone holding the same assets in a different fund pays nothing until withdrawal. Same investment, different tax treatment, and the only variable is the account type.
Read Full Article »
