A bill to amend the Internal Revenue Code of 1986 to provide a reduction in the capital gains rate, to provide a mechanism to pay for such reduction if it results in a decrease in Federal revenues, and for other purposes.

Summary

Title I: Reduction in Capital Gains Tax - Amends the Internal Revenue Code to allow a variable capital gains deduction for a taxpayer other than a corporation based upon capital assets held from one to three years. Revises provisions concerning the gain from dispositions of certain depreciable realty to provide for the recapture of the total amount of depreciation. Title II: Procedure to Ensure Revenue Neutrality - Requires an increase in the individual income tax rates for certain higher-income taxpayers if the Secretary of the Treasury determines that a capital gains revenue shortfall has occurred.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 October 1991

  Open at official source

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