To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Sponsor introductory remarks on measure. (CR E360-361)

H.R.862 through Congress

H.R.862 keeps its number as it moves between the House and Senate.

HouseFeb 27, 1997IntroducedOfficial record

Major milestones in the imported record. See all actions.

No Senate action is available in our imported record yet.

Separate related Senate measures (1)

These are different measures identified as related by Congress.gov. Their text and outcomes may differ; they are not the Senate stage of H.R.862.

Related Senate bill: S.306 A bill to amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Feb 27, 1997

Amends the Internal Revenue Code to reduce the long term capital gains rate from 28 percent by two percent (but not below 14 percent) for each year the asset was held beyond two years. Reduces the net capital gain by the amount the taxpayer elects to take into account as investment income under specified provisions.

Read the summary on Congress.gov

PlainBill analysis is coming later. This page presents official source data. We have not yet published a PlainBill explanation for this bill.

People & committees

Who introduced it

Rep. Bentsen, Ken [D-TX-25] · D–TX

Committees

Ways and Means Committee

2 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Mar 3, 1997
Sponsor introductory remarks on measure. (CR E360-361)
Feb 27, 1997
Referred to the House Committee on Ways and Means.
Feb 27, 1997
Sponsor introductory remarks on measure. (CR H693-694)
Feb 27, 1997
Introduced in House
Feb 27, 1997
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Feb 27, 1997 Formatted Text PDF

Related bills identified by Congress.gov

S 306 · A bill to amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Source last updated: Feb 7, 2024. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.

Neutral evidence review

Objective

Analyze H.R.862 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.862, 105th Congress: To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Official record: https://www.congress.gov/bill/105th-congress/house-bill/862

Text version to examine: Introduced in House · 1997-02-27.

Official full text: https://www.congress.gov/105/bills/hr862/BILLS-105hr862ih.htm

Imported record last updated by the source: 2024-02-07T16:40:59Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.862 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.862 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.862, 105th Congress: To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Official record: https://www.congress.gov/bill/105th-congress/house-bill/862

Text version to examine: Introduced in House · 1997-02-27.

Official full text: https://www.congress.gov/105/bills/hr862/BILLS-105hr862ih.htm

Imported record last updated by the source: 2024-02-07T16:40:59Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.862 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.862 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.862, 105th Congress: To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Official record: https://www.congress.gov/bill/105th-congress/house-bill/862

Text version to examine: Introduced in House · 1997-02-27.

Official full text: https://www.congress.gov/105/bills/hr862/BILLS-105hr862ih.htm

Imported record last updated by the source: 2024-02-07T16:40:59Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.862 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.862 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.862, 105th Congress: To amend the Internal Revenue Code of 1986 to provide a decrease in the maximum rate of tax on capital gains which is based on the length of time the taxpayer held the capital asset.

Official record: https://www.congress.gov/bill/105th-congress/house-bill/862

Text version to examine: Introduced in House · 1997-02-27.

Official full text: https://www.congress.gov/105/bills/hr862/BILLS-105hr862ih.htm

Imported record last updated by the source: 2024-02-07T16:40:59Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.862 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.