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To: Steve Dietrich who wrote (42485)	3/28/2001 6:11:24 PM
From: Peter O'Brien	Read Replies (1) of 64865

>Taxable incomes have risen as a share of GDP because of the effects >of a rising stock market. I have already disproven this assertion, yet you continue to make it! In 1994, capital gains tax receipts were 7% of total individual income tax receipts. Consider that the "baseline". In 2000, capital gains tax receipts rose to 12% of total individual income tax receipts. So, the net effect is that "unusually large" capital gains tax receipts in recent years are only responsible for a 5% boost in the total individual income tax receipts. If you don't believe me, my source is the CBO: cbo.gov see Table 3-6. As a percentage of GDP, individual income tax receipts were a record high 9.9% in 2000. If you reduce this by 5% to offset the effects of "unusually large" capital gains, you are still left with 9.4% which is the highest since WW2. If you don't believe me, my source is the OMB: w3.access.gpo.gov see pages 35-36. Now, do you still assert that capital gains tax receipts are "in large part" (your words) responsible for the current all-time high level of federal taxation?

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