Bill Introduced to Cut Capital Gains Taxes, Expand IRAs
Two Republican senators, claiming support from the Bush Administration and more than half the Senate, introduced a bill today to cut capital gains taxes and expand tax-deferred Individual Retirement Accounts.
“This plan provides opportunities and incentives for all Americans,” Sen. William V. Roth Jr. (R-Del.) told a news conference. “It’s good for both savers and investors. And it’s good for America.”
President Bush campaigned last year on a pledge to cut capital gains taxes. Over objections of Democratic leaders, the House in September approved a reduction endorsed by the Administration. That legislation did not address IRAs.
Sen. Bob Packwood (R-Ore.), co-sponsor of the bill, claimed to have between 55 and 58 votes for it in the 100-member Senate.
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