More Tax Goodies For The Gop

IT'S CHRISTMAS IN JUNE FOR SOME INVESTORS AND WEALTHY HEIRS. Republicans are using a veto-proof bill to restructure and reform the Internal Revenue Service to enact select targeted tax cuts. The most significant: a proposal by House Ways & Means Committee Chairman Bill Archer (R-Tex.) to eliminate medium-term capital-gains tax rates on investments held between 12 and 18 months. Archer also beat back an attempt to restore higher taxes on estates worth more than $17 million. President Clinton doesn't like these add-ons to the IRS bill, but won't try to stop the popular measure.

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