The Nation - News from Sept. 12, 1989

Rep. Byron L. Dorgan (D-N.D.), a member of the tax-writing House Ways and Means Committee, presented an alternative capital gains tax plan. Dorgan told a news conference that his proposal would target most capital gains tax reductions to families earning less than $200,000 a year and would phase them out to households earning higher incomes. Capital gains are paid on profits from the sale of stock and other assets. The plan appeared to counter a proposal by Rep. Ed Jenkins (D-Ga.) that would institute a 30% exclusion for capital gains across the board.