Excerpt from Proposals and Issues Relating to Taxation of Capital Gains and Losses: Scheduled for a Hearing Before the Senate Committee on Finance, on March 28, 1990 The Senate Committee on Finance has scheduled a hearing on March 28, 1990, on the tax treatment of capital gains and losses and the President's fiscal year 1991 budget proposal to reduce the tax rate on certain capital gains. This pamphlet, prepared in connection with the hearing, provides a description of the present-law tax treatment of capital gains and losses (Part I), legislative background (Part II), the President's budget proposal (Part III), other capital gains proposals (Part IV), as well as a brief analysis of issues related to the taxation of capital gains and losses generally and specific issues related to the President's proposal (Part V). A 1989 staff pamphlet provided a description and analysis of the President's fiscal year 1990 budget proposal to reduce the capital gains tax rate. Prior Joint Committee on Taxation staff pamphlets also provide a discussion of prior law tax treatment of capital gains and losses and related issues.