Hackney on final passage of Capital Gains Tax

Rep. David Hackney, D-11, delivers floor remarks on final passage of Senate Bill 5096, Capital Gains. The measure will impose a 7% tax on the sale of long-term assets, such as stocks, bonds, if the profits exceed $250,000 annually. Exceptions include the sale of a home, commercial real estate and retirement accounts and livestock. The sale of a family-owned small business, owned for at least five years, that makes less than $10 million a year also would be exempt.