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To: James Strauss who wrote (11340)	7/25/2002 8:16:19 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 13094

Politics>>GOP House Leaders to Propose Tax Breaks, Changes on 401(k)s WASHINGTON -- Republican House leaders are planning to offer a set of tax breaks and other changes to help individual investors who got burned in the recent market meltdown, in a bid to regain the upper hand in the debate set off by corporate scandals, Thursday's Wall Street Journal reported. The move reflects the rising concern among GOP leaders that investors -- particularly those depending on securities for the near term -- will blame business-friendly Republicans for their losses. Just this week, House Republicans were forced to abandon efforts to weaken a big corporate-governance bill backed by Senate Democrats. Now, they are hoping to win voters' confidence with tax breaks aimed at middle-income families. The proposals could become part of the next round of reforms -- including pension protections and a tax-shelter crackdown -- that Congress will take up when it returns from its August recess. The biggest of the changes House Republicans are considering would expand existing tax write-offs for individuals' investment losses. Currently, taxpayers can deduct their capital losses to the extent of their capital gains, and also can deduct as much as $3,000 more of capital losses, analysts said. Republicans are examining plans to double or even triple the $3,000 cap, and allow investors to use more of their losses in other tax years, according to a senior GOP aide. Another change under consideration would waive a rule that forces investors to start withdrawing from some retirement accounts when they reach a particular age. Currently, for example, people with 401(k) accounts must start making withdrawals at age 70 1/2. House Republicans are considering lifting that restriction. Another change would make more money available to a government fund for defrauded investors. Congressional Democratic analysts said the plan is skewed to help wealthy investors.