A bill to amend the Internal Revenue Code of 1954 to provide an inflation adjustment in the determination of capital gains and losses of individuals.

Summary

Amends the Internal Revenue Code to repeal the income tax deduction for capital gains. Provides for an inflation adjustment for the capital gains or losses of noncorporated taxpayers. Revises the tax treatment of capital losses of noncorporate taxpayers by providing that such losses shall be allowed only to the extent of long-term capital gains, plus the smaller of the taxpayer's taxable income reduced by his zero bracket amount, or $3,000 ($1,500 in the case of a married individual filing a separate return). Provides for a one year carryover of excess long-term capital losses.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 August 1979

  Open at official source

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