PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: J_F_Shepard who wrote (139693)	4/20/2001 2:21:57 PM
From: greenspirit	Read Replies (1) of 769667

Quite simple actually, but it's easier to just post this link. heritage.org "Economists estimate that trillions of dollars in unrealized capital gains (perhaps has high as $7.5 trillion) exist in the portfolios of American taxpayers.7 Some economists have estimated that significant capital gains rate changes could produce substantial economic benefits and create revenue windfalls for federal and state governments. Many politicians agree. In an article last year for the American Economic Review, Leonard Burman and William Randolph, the two leading tax economists on the staff of the Congressional Budget Office, estimated the response of taxpayers to rate reductions as being on the order of 6 to 1. That is, for every one percent drop in the rate, capital gains realizations would rise by 6 percent.8 Who would pay most of the additional capital gains taxes? As Table 1 shows, these new government revenues would come principally from taxpayers with incomes above $200,000. If, indeed, the federal government wants to draw more tax revenue from wealthy Americans, lowering the capital gains tax rate is one of the most effective ways possible to attain this objective".

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