A bill to amend the Internal Revenue Code of 1986 to promote savings and long-term investment through a reduced capital gains tax rate and individual retirement plus accounts.

Summary

Title I: Capital Gains Provisions - Subtitle A: Reduction in Capital Gains Tax - Amends the Internal Revenue Code to reduce the capital gains tax for noncorporate taxpayers. Establishes a scale for determining such deduction up to a maximum of 35 percent after owning assets for seven years. Provides for not taking into account net capital gain under the phaseout of the 15-percent rate and personal exemptions. Provides for recapturing the gain from disposition of certain depreciable property. Subtitle B: Alternative Capital Gains Rate for Corporations - Reduces the alternative capital gains tax for corporations by establishing a scale for determining such tax rate based on ownership of assets for three to 15 years. Subtitle C: Indexing of Certain Assets for Purposes of Determining Gain - Provides for indexing assets held for more than two years as an option for individuals who elect not to take advantage of the lower capital gains rate. Title II: Individual Retirement Plus Accounts - Allows individuals to establish individual retirement plus accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible. Provides for qualified distributions from such accounts, other than for general retirement purposes, including special purposes distributions made for the purchase of a first home and for medical or educational purposes. Prohibits special purpose distributions from being made during the first five years of the account.

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

Timeline

1. 19 October 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 October 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 October 1989

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Armstrong, William L. [R-CO] · R · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Coats, Daniel [R-IN] · R · Sponsor
• Sen. Cochran, Thad [R-MS] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Gorton, Slade [R-WA] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• Sen. Lott, Trent [R-MS] · R · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• Sen. McClure, James A. [R-ID] · R · Sponsor
• Sen. McConnell, Mitch [R-KY] · R · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Rudman, Warren [R-NH] · R · Sponsor
• Sen. Simpson, Alan K. [R-WY] · R · Sponsor
• Sen. Specter, Arlen [R-PA] · R · Sponsor
• Sen. Stevens, Ted [R-AK] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Humphrey, Gordon J. [R-NH] · R · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Cosponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.