Washington, D.C. – Yesterday, U.S. Representative Beth Van Duyne (R-TX-24) and U.S. Representative Terri Sewell (D-AL-07), introduced the Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act. The GROWTH Act empowers Americans to create wealth by simplifying the tax code, removing penalties for reinvesting in the market, and creating tax parity for mutual funds to give individuals more freedom to build and grow their personal savings.

"I'm glad to work with my friend from Alabama to introduce the bipartisan GROWTH Act to ensure working Americans have the freedom to invest as they desire to achieve their financial goals," said Rep. Van Duyne. “Our common-sense bill allows families to embrace American exceptionalism by giving them the freedom to invest in their future and secure their American Dream while working to achieve financial security and generational wealth.”

“As American families look to diversity their investments and craft a strategy focused on continued growth, Congress must ensure that parity exists among mutual funds and other investment products,” said Rep. Terri Sewell. “The GROWTH Act will ensure that these mutual funds remain an accessible means for millions of Americans to save for retirement.”

“The GROWTH Act will help millions of American mutual fund investors build a more secure financial future by giving them the ability to save for the long-term without facing an annual tax bill,” said Eric Pan, President and CEO of the Investment Company Institute. “This change will permit Americans to enjoy compound returns, incentivizing them to invest, and have them pay taxes upon exiting the mutual fund. We strongly urge the passage of the GROWTH Act and thank Representatives Van Duyne and Sewell for championing the long-term financial security of millions of Americans.”

“The Chamber thanks Representatives Van Duyne and Sewell for sponsoring the GROWTH Act, which would help workers and their families save for a more secure financial future. By providing equal tax treatment to mutual fund shareholders and investors in other financial vehicles, this bill would give Americans more options to save for retirement, send their children to college, buy a house, or pursue other goals. The GROWTH Act would simply ensure that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares—a commonsense, overdue solution the Chamber is pleased to support.” – U.S. Chamber of Commerce 

Click HERE for bill text.

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