[Lloyd Bentsen] appeared to have the votes to thwart a Republican plan sponsored by Sen. Bob Packwood of Oregon that would lower rates gradually on capital gains over a six-year period. Moreover, Sen. David L. Boren (D-Okla.), a key swing vote who had been seeking to win support for his own capital gains proposal, apparently threw in the towel on his own plan by disclosing that he would not offer it in committee.

Instead of cutting capital gains taxes, Bentsen has strongly pushed a politically appealing alternative that would revive a partial deduction for individual retirement accounts for those who lost the tax break in the sweeping 1986 tax revision. The plan would also permit penalty-free early withdrawals from IRA accounts to help buy a first home or pay for college expenses.

Bentsen did not shut the door to other capital gains proposals, which are expected to be pressed today by committee members. Similarly, Senate Majority Leader George J. Mitchell (D-Me.) attacked the House-backed capital gains tax cut but conceded that some other capital gains measure is likely to emerge from the Senate.