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Article: Tax Cut for Capital Gains Called Peril to '86 Law, Boon to Wealthy
- Article from:
- The Washington Post
- Article date:
- January 26, 1988
- Author:
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Republicans and Democrats who helped draft the 1986 Tax Reform
Act said yesterday that President Reagan's suggestion to Congress
last night to recreate a tax break for capital gains would undermine
the nation's new tax system-Reagan's hardest-won domestic
achievement.
"Ronald Reagan should not make a proposal such as this," said
Sen. Bill Bradley (D-N.J.), known as the "godfather" of the tax
changes enacted in 1986. "A cut in the capital gains rate will create
tremendous pressure to raise tax rates, {meaning} loopholes for the
rich and the special interests and high tax rates for all of us."
"If we reintroduce a capital gains preference, it would be an
easy and short step toward ...