GOP House Leaders to Propose Tax Breaks, Changes on 401(k)s
Wall Street Journal (07/25/02) p.A4; McKinnon, John D.; Hitt, Greg

Republican House leaders are working on a package of tax incentives and other changes to assist investors who lost during the recent market drop, hoping to win back ground in the corporate scandal debate, and they fear that investors will blame Republicans for their losses. Their proposals could be included in the next set of reforms, including pension protections and tax-shelter restrictions, and would encompass an expansion of existing tax write-offs for individuals' investment losses and the waiving of a rule that makes investors begin withdrawing from some retirement accounts at a certain age. Congressional Democratic analysts argue that the plan is weighted to help wealthier investors, but Republicans are taking advantage of the fact that the Senate will not work on its pension initiative until September, due to the upcoming August recess.

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