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Capital Gain Tax

NEWS
November 11, 1994 | MICHAEL ROSS and ELIZABETH SHOGREN, TIMES STAFF WRITERS
The new Republican leadership of Congress vowed Thursday to push for an immediate cut in the capital gains tax early next year, and the GOP chairman-designate of the House Ways and Means Committee said he plans to explore the possibility of eliminating the federal income tax altogether.
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BUSINESS
November 11, 1994 | TOM PETRUNO
With the Republicans dominating Congress for the first time in four decades, Wall Street sees a spectacular chance to get a favorite wish granted: a cut in the maximum tax rate on long-term capital gains, now 28%. Given the nation's arguably low savings rate, Republicans have insisted for decades that people need greater incentive to save and invest.
CALIFORNIA | LOCAL
March 25, 1994 | DAVID DREIER, David Dreier (R-Covina) is co-chairman of the bipartisan bicameral Congressional Zero Capital Gains Caucus and a member of the House Rules Committee. and
Cutting the capital-gains tax is the best way to unlock a flood of cash and create private-sector jobs, increase real wages and reduce the federal deficit. This is critical for California because at 8.7%, statewide unemployment is the highest in the nation and 800,000 jobs have vanished in five years. The 60 largest aerospace firms in Southern California have lost 150,000 jobs alone, with 100,000 of those high-paying, high-skill jobs disappearing in Los Angeles Country.
NEWS
September 4, 1992 | DOUGLAS JEHL and RONALD J. OSTROW, TIMES STAFF WRITERS
Dooming conservative hopes for a pre-election tax cut, the Justice Department told the White House Thursday that President Bush lacks legal authority to sidestep Congress and unilaterally order a cutback in the capital gains tax. Only hours later, the White House announced that it would not attempt such a move, which it had described earlier in the day as being "on the front burner" of consideration among top Bush aides.
NEWS
August 13, 1992 | WILLIAM J. EATON, TIMES STAFF WRITER
In a referendum on a key part of President Bush's economic package, the Democratic-controlled Senate Wednesday crushed a Republican-led effort to cut capital gains taxes. The 57-37 vote, together with the lack of any across-the-board capital gains provision in a comparable House-approved bill, indicated that there will be no such reduction in the legislation expected to be sent to the President next month.
NEWS
July 29, 1992 | JAMES RISEN, TIMES STAFF WRITER
The Bush Administration, faced with a faltering recovery in the midst of a tough reelection campaign, is prepared to abandon its long-sought capital gains tax cut to win approval of other stalled economic growth proposals, Administration officials said Tuesday.
BUSINESS
March 15, 1992
What Tom Petruno conveniently left out is the fact that the capital gains tax rate advantage was eliminated in conjunction with a substantial reduction of tax rates. To have reduced the tax rates and continue with a reduced capital gains rate could hardly be justified, then or now. No one mentions that, particularly our President, who definitely must have some special interest in mind. I for one would benefit from such a reduction, so this letter is not sour grapes. It is a matter of telling the whole story.
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