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Extension of Saving and Investment IncentivesStatement before the Subcommittee on Taxation and IRS Oversight of the Committee on Finance, United States SenatePublished: June 30, 2005 || Availability: The nonpartisan Urban Institute publishes studies, reports, and books on timely topics worthy of public consideration. The views expressed are those of the authors and should not be attributed to the Urban Institute, its trustees, or its funders. Note: This testimony, including all charts, graphs and tables, is available in its entirety in the Portable Document Format (PDF). Chairman Kyl, Ranking Member Jeffords, and Members of the Subcommittee. Thank you for inviting me to testify today at this hearing on extension of the incentives for savings and investment that are scheduled to expire in the next few years. Major tax incentives enacted in 2001 and 2003 that are scheduled to expire and that the Congress may consider renewing include the special lower tax rates for capital gains and dividend income enacted in 2003, and the increase in the annual deduction amount for qualified section 179 property, the savers credit, and the above the line deduction for qualified post-secondary education expenses, all enacted in 2001. The education deduction and the increase in the section 179 deduction expire at the end of this year, the savers credit expires at the end of 2006, and the lower tax rates for capital gains and dividends expire at end of 2008. My remarks will focus mainly on the effects of extending lower rates for capital gains and dividends. I will also comment briefly on the savers credit and the education deduction.
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