P.M. BRIEFING : Bentsen Weighs Capital Gains Cut
Sen. Lloyd Bentsen (D-Tex.), chairman of the Senate Finance Committee, is examining ways to reduce capital gains taxes, it was reported today.
Bentsen told the Wall Street Journal in a telephone interview that he intends to ask his tax-writing committee to devise a bill that would raise federal revenues about $8 billion in fiscal 1990, which begins Oct. 1.
Such an increase would extend several tax breaks that are about to expire, including the credit for research and development expenditures.
Bentsen said a capital gains tax cut “is one of those things we’ll have to take a look at” as part of the tax package.
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