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To: Chris who wrote (10797)	6/25/1998 11:55:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 42787

To: +IQBAL LATIF (18701 ) From: +IQBAL LATIF Thursday, Jun 25 1998 11:52PM ET Reply # of 18702 The news that capital gains tax will be reduced as announced by Newt Gingrich and Lott will help the markets. WASHINGTON (FNS) - House Speaker Newt Gingrich, R-Ga., announced a plan Wednesday to reduce the capital gains tax. He said the measure would help companies create more new jobs and products. Gingrich said he will co-sponsor the bill with Sen. Trent Lott, R-Miss., that will strengthen the economy against the fallout from the Asian economic crisis and allow investors greater freedom. "The liberals can jump up and yell 'tax cuts for the rich' all they want to," Gingrich said. "Over half the American people now invest in something which allows them to take a capital gain, and the rest work in a business which was created by somebody who shifted their investment." The plan would reduce the capital gains rate from 20 percent to a maximum of 15 percent. The rate would be reduced to 7.5 percent for those currently in the 15 percent income tax bracket. It would simplify the rate by eliminating several categories of exceptions, including those for real estate depreciation, collectibles, and small- business stock. "Cutting the capital gain tax rate helps anyone who is preparing for retirement, starting a business, saving for college tuition or planning to buy a house," Gingrich said. "You want more economic growth? You want senior citizens who have saved all their life to have more after-tax income? You want young people to have a better chance to go get a job? You cut the capital gains tax." -- FNS summary by Jamie Skinner This also looks a good info- abcnews.com.