To require that total outlays in the concurrent resolution on the budget for fiscal year 1990 not exceed 103 percent of fiscal year 1989 outlays, to amend the Internal Revenue Code of 1986 to restore for individuals the preference for capital gains, and to use the revenue from such restoration to reduce the Federal budget deficit.

Summary

Requires the concurrent resolution on the budget for FY 1990 to provide that total outlays for FY 1990 shall not exceed 103 percent of the total outlays for FY 1989. Amends the Internal Revenue Code to allow a noncorporate taxpayer a tax deduction for capital gains equal to 55 percent of the lesser of: (1) the net capital gain; or (2) the net capital gain taking into account only sales and exchanges of qualified assets. Allows a 100 percent deduction (exclusion) when the taxpayer has an adjusted gross income of less than $20,000 and no alternative minimum tax is imposed. Sets forth a formula for determining the deduction for estates and trusts. Appropriates from the general fund of the Treasury to the account used to reduce the Federal deficit amounts equal to the sum of: (1) the increase in revenues under this Act; (2) the increase in revenues by reason of any amendment of the Internal Revenue Code after the date of enactment of this Act; and (3) amounts received from the sale of U.S. assets.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 April 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 April 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 April 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 December 1989

   Referred

   Referred to the Subcommittee on the Legislative Process.

   Source: Committee

Votes

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Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 April 1989

  Open at official source

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Sponsors

• Rep. Schaefer, Dan [R-CO-6] · R · Sponsor
• Rep. Fawell, Harris W. [R-IL-13] · R · Cosponsor
• Rep. Stump, Bob [R-AZ-3] · R · Cosponsor
• Rep. Packard, Ron [R-CA-48] · R · Cosponsor
• · hsru00 · Standing
• · hswm00 · Standing

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