Senator Daschle Denounces Cut in Capital Gain Tax
Rivals in Washington are lining up on both sides of an issue that has been smoldering for years. Will a capital gain tax cut occur in this administration, and is such a cut long overdue?
Senate Majority Leader Tom Daschle claims that Republican proposals to cut the capital gains tax from 20% to 15% would come with a substantial cut to the government.
"I think that you'd have to look at the long-term costs of the capital gains tax cut and they are substantial," said Senator Dashle.
President Bush is backing the proposal, however he has not set a timetable for putting the cut in place.
Senate Minority Leader Trent Lott has indicated a possibility exists that the cut would be implemented for a two-year trial period and would apply to sales of equities, bonds, and real estate investments.
"I have yet to see a tax cut that is only on the books for two years," said Senator Daschle, indicating his concern that the cut, once implemented, would be difficult to reverse.