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Bill would eliminate capital gains taxes

MADISON, Wis. (AP) — Capital gains taxes would be eliminated in Wisconsin by 2014 under a bill being circulated for co-sponsors by Republican state Sen. Randy Hopper of Fond du Lac.

His proposal e-mailed Monday to fellow lawmakers would repeal an increase in the capital gains tax that was passed in 2009. That increase dropped allowable exemptions under the tax from 30 percent to 60 percent.

Hopper’s bill would restore the exemptions to 60 percent starting in 2012. The next year it would increase to 80 percent and then starting in 2014 no capital gains would be taxable.

Hopper said higher taxes on capital hampers investment dedicated to job creation and reduces economic growth.

Republican Gov. Scott Walker said during the campaign that he would support reversing the capital gains tax increase.

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