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Wall Street Journal today makes clear that the 15% Capital Gains tax rate (extension to 2010) and middle class AMT tax relief (through 2006) are the two main aspects of the tax cut bill under discussion in Congress.

I think Capital Gains is the main aspect of interest in Fooldom, especially for those investing in taxable accounts.

The House Bill includes the capital gains exclusion, but the Senate is essentially recessed for the rest of the year. Hence, no action until January at least.

The Senate Bill includes the AMT provision.

The political discussions we hear about "the tax cut bill" are mostly about the capital gains tax.

Congressional leaders hope to get a compromise bill through that includes both of these provisions, but it looks iffy. The conflict is with efforts to pay for Katrina and reduce the deficit.
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