A bill to amend the Internal Revenue Code of 1986 to encourage long-term investments by pension funds by imposing an excise tax on gain from the sale of assets held for 180 days or less.
Excessive Churning and Speculation Act of 1989 - Amends the Internal Revenue Code to impose an excise tax on the gain on the sale by employer pension plans of investment assets held 180 days or less. Exempts pension plans with assets of less than $1,000,000.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance. Hearings held. Hearings printed: S.Hrg. 101-929.
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