A bill to amend the Internal Revenue Code of 1954 to revise the tax treatment of gains and losses from the sale or exchange of capital assets.

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code, a graduated capital gains tax based on the holding period of assets. Increases the deduction for capital losses. Provides that if an individual's capital losses exceed capital gains, a deduction of up to $4,000 is permitted each year against ordinary income.…