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Politics : PRESIDENT GEORGE W. BUSH
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To: JDN who wrote (538940)2/11/2004 5:14:34 PM
From: Gordon A. Langston  Read Replies (2) of 769670
 
"The capital gains tax is different from almost all other forms of federal taxation in that it is a voluntary tax. Since the tax is paid only when an asset is sold, taxpayers can legally avoid payment by holding on to their assets--a phenomenon known as the "lock-in effect." Today there is an estimated $7.5 trillion in unrealized capital gains that have not been taxed. Over the past 40 years the appreciation of capital assets has outpaced realized capital gains 40-fold. That suggests that a capital gains tax reduction has the potential of "unlocking" hundreds of billions of dollars of stored up wealth.[11] Cato Institute."

We already know what raising taxes will do. What's to lose in lowering them??
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