Mr. Michel said it had been difficult to convince top Administration officials that the showdown over capital gains would have to wait until next year.

Not long ago, Democrats would have relished a fight with Republicans over capital gains tax cuts for the rich.

But tax intellectuals are not likely to play a key role in deciding the outcome of this latest skirmish over capital gains.

One of the big fights will be over capital gains.

The months-long battle over capital gains has complicated efforts to compromise on a deficit reduction package.

The first of the two bills taken up tonight would raise the maximum deduction for capital losses over and above capital gains to $8,250 from $3,000.

The struggle over capital gains has been a major factor holding up a budget reconciliation.

Taxes are charged by the state over the transactions, dividends and capital gains on the stock market.

Representative Rostenkowski renewed his efforts to strike a deal with the Administration over capital gains.

In the absence of real public pressure, the years-long stalemate over capital gains seems unlikely to be broken.