Capital Gains Tax Simplification Act of 1998

Summary

Capital Gains Tax Simplification Act of 1998 - Amends the Internal Revenue Code to provide that, if for any taxable year a non-corporate taxpayer has a net capital gain, 40 percent of such gain shall be a deduction from gross income regardless of whether or not the taxpayer itemizes other deductions. Repeals the tax preference for exclusion for gains on the sale of certain small business stock. Amends the Taxpayer Relief Act of 1997, with respect to maximum capital gains rates for individuals, to repeal the allowance of an election to recognize gain on assets held on January 1, 2001.

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

Timeline

1. 1 April 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 1 April 1998

   Introduced

   Sponsor introductory remarks on measure. (CR H2039-2040)

   Source: IntroReferral

3. 1 April 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 April 1998

   Introduced

   Introduced in House

   Source: IntroReferral

5. 7 August 1998

   Introduced

   Sponsor introductory remarks on measure. (CR E1618-1619)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 April 1998 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 April 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 April 1998

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 April 1998

  Open at official source

Sponsors

• Rep. Coyne, William J. [D-PA-14] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-9] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-3] · D · Sponsor
• Rep. Kennelly, Barbara B. [D-CT-1] · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• JOHN LEWIS · D · Sponsor
• Richard Neal · D · Sponsor
• XAVIER BECERRA · D · Sponsor
• · hswm00 · Standing

Related records

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