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• W239765409 abstract "When the new Congress convened for business in January, tax reform was stated to be a primary objective. One specific area of the tax law to be addressed was the treatment of income derived from capital gains. As the focus on this issue sharpens, it is prudent to revisit facts about capital gain taxation and its role in the U.S. economy. Since the 1986 tax reform became effective, income derived from capital gains has been taxed at a top rate of 28%. This compares to the 39.6% top rate currently applied to regular income. To put the current 28% rate into perspective, since World War II, capital gains in the U.S. have been subject to a maximum rate of 35% (mid-1970s) and a minimum top rate of 20% (early 1980s). Thus, 28% is roughly in the middle of the post-war range. This does not necessarily address whether the rate is optimal, nor does this suggest whether the current rate is competitive internationally. Opponents of reducing the capital gains tax rate say such action would benefit the wealthy and big businesses at the expense of the middle class. Proponents counter it is the middle class and entrepreneurial start-ups that would in fact reap the largest rewards. While it is difficult to segment society, much less accurately determine which class receives the most benefit from a change in any economic policy, it is easier to observe the impact of our actions on the overall economy. Additionally, it is to everyone's benefit when the economy performs well. That said, some of the common arguments that surround the capital gains tax policy debate include how a policy change impacts equity valuations, overall economic growth, and revenue collections. Some findings with respect to these variables are summarized in the table below. Over the past 40 years, when the top rate applied to capital gains has been 25% or less, the equity markets, the overall economy, and the Treasury have enjoyed better years, on average, than when the top rate was above 25%. With regard to the performance of the equity markets, a lower capital gains tax rate increases the after-tax return on a capital asset, everything else unchanged. Given the evidence, the marketplace seems to validate this relationship. Those in favor of a capital gains tax rate say economic activity would be stimulated. Expansion would result, so the argument goes, due to higher after-tax returns available in the marketplace. Risk-taking ventures would be made more attractive, and capital currently locked-up in unproductive uses would be liquidated and allocated more efficiently. Given the more robust economic growth rates experienced during the periods of relatively low capital gains taxes, it would appear that these arguments are at least partially true. …" @default.
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• W239765409 date "1995-10-01" @default.
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• W239765409 title "Capital Gains: What Are the Real Facts?" @default.
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