A bill to amend the Internal Revenue Code to restore the deduction for capital gains of individuals, to ensure that the rate of tax on long-term capital gains of individuals does not exceed 21 percent, and for other purposes.

Summary

Amends the Internal Revenue Code to: (1) allow a noncorporate taxpayer a 25 percent income tax deduction for capital gains; and (2) decrease from 28 percent to 21 percent the maximum income tax rate applied to the capital gains of individuals.

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

Timeline

1. 1 May 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 1 May 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 May 1989

  Open at official source

Sponsors

• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• · ssfi00 · Standing

Related records

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