Word: steiger
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...raise that maximum to 49% now, and as recently as a year ago the Carter Administration was preparing a proposal to tax capital gams at full ordinary-income rates, which would have meant a doubling of levies on many small and medium-size gains. Then Wisconsin Republican William Steiger, a panelist at the Time conference, introduced an amendment to peel the levy back to 25%, and to his own astonishment got a mighty bandwagon rolling. The House wrote into its tax bill a cut in maximum capital gains rates-though only...
...Capital gains taxes are cut $1.8 billion by reducing the maximum tax from 49% to 35%, a compromise with the amendment of Wisconsin Republican William Steiger, who proposed slashing...
...Washington-based American Council for Capital Formation. Early this year, Walker and the council's staff decided to press for rolling back the maximum capital gains tax, now 49%, to the 1969 level of 25%. The first Congressman they recruited to the idea was Wisconsin Republican William Steiger, who sponsored the legislation. Walker, meanwhile, began buttonholing Congressmen in hallways, countering Treasury Department arguments against the cut and working out potential costs to the federal Treasury on a computer belonging to one of his clients, General Electric...
...later helped Democrat James Jones of Oklahoma put together a compromise version of Steiger's proposal, which the House Ways and Means Committee approved last week. It would cut the maximum capital gains...
...short, the President was misleading when he thundered that the Steiger amendment would scarcely yield "two bits for the average American." Many "average" Americans have found that inflation has sent the price of their property way up; but the real value of the dollars that they collect upon selling it has gone way down. Thus it seems only fair to reduce the tax bite on capital gains. If those taxes are eased, many people who have been holding on to their property may be inclined to sell. Then everybody would benefit: the sellers would pocket profits, on which they would...