Bill Introduced to Cut Capital Gains Taxes, Expand IRAs
- Share via
WASHINGTON — 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.
More to Read
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox twice per week.
You may occasionally receive promotional content from the Los Angeles Times.