Capital Gains Full Indexation Act

Summary

Capital Gains Full Indexation Act - Amends the Internal Revenue Code to repeal the alternate 25 percent tax rate on the first $50,000 of long term capital gain of individual taxpayers and the 50 percent capital gains deduction. Increases the basis of a capital asset by an amount equal to the increase in the consumer price index between the year of acquisition and the year of sale. Increases the amount of long term capital loss which may be deducted from ordinary income. Eliminates capital gains of individuals as an item of tax preference for purposes of computing the minimum or maximum tax. Directs the Secretary of the Treasury to provide appropriate forms to taxpayers for the computations required by this Act and to make such computations for any taxpayer who provides the Secretary with the required information.

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Timeline

1. 8 August 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 8 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 8 August 1978

  Open at official source

Sponsors

• Rep. Maguire, Andrew [D-NJ-7] · D · Sponsor
• · hswm00 · Standing

Related records

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