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Article: Capital Gains: The Right Cuts
- Article from:
- The Washington Post
- Article date:
- February 7, 1989
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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In 1987, certain that I had discovered a sure-fire way to spark
a new job-creation boom, I introduced a bill to cut the tax rate on
capital gains from 28 to 15 percent. This proposal was adopted by
then-vice president George Bush as a key economic element of his
presidential campaign.
But the measure stalled on Capitol Hill. Some of my Democratic
Senate colleagues, notably Dale Bumpers of Arkansas, and even a
number of my Republican friends raised what I thought were serious
objections to my plan.
Sen. Bumpers, along with other leading Senate Democrats,
supported reforming the capital gains tax to help spur productivity
growth. But there were parts of the 15 percent bill that they ...