A bill to amend the Internal Revenue Code of 1986 to restore a capital gains tax differential, and for other purposes.

Summary

Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers, allowing a deduction equal to: (1) 60 percent for assets held for three years or more; and (2) 40 percent for assets held for between one and three years. Reduces from 34 percent to 28 percent the alternative tax rate on capital gains realized by a corporation.

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Timeline

1. 9 February 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 9 February 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   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 · 9 February 1989

  Open at official source

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Sponsors

• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• · ssfi00 · Standing

Related records

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