To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Summary

Amends the Internal Revenue Code to reduce the long term capital gains rate from 28 percent by two percent (but not below 14 percent) for each year the asset was held beyond two years. Reduces the net capital gain by the amount the taxpayer elects to take into account as investment income under specified provisions.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 February 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 27 February 1997

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• Introduced in House

  summary · EN · 27 February 1997

  Open at official source

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