A bill to amend the Internal Revenue Code of 1986 to reduce the rate of tax on long-term capital gains of individuals from 28 to 15 percent.

Summary

Amends the Internal Revenue Code to reduce from 28 to 15 percent the maximum income tax rate applicable to the long-term capital gains of individuals. Excludes capital gains from the phaseout affecting personal exemptions and the 15 percent income tax rate.

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

Timeline

1. 15 October 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 October 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 15 October 1987

  Open at official source

Sponsors

• Rep. Kasten, Robert W., Jr. [R-WI-9] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to reduce the maximum capital gains rate to 15 percent.