While Congressional taxmen were agreeing on the new corporation tax laws last week (see p. 88), they also revamped personal income taxes. Most significant change for the health of the capital markets was made in the onerous capital-gains taxes, which up to now have forced many U.S. investors to buy and sell with one eye on what the tax laws favored instead of both eyes on down-to-earth economic laws.
The changes were: 1) The period in which capital gains are treated as 100% income and taxable at full income-tax rates will be shortened...
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