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To: Peter O'Brien who wrote (42454)	3/28/2001 1:23:02 AM
From: Charles Tutt	Read Replies (1) \| Respond to of 64865

Quite a bit of those tax receipts are still going to service Reagan's debt. Deficit spending is like taxing the future. JMHO. Charles Tutt (TM)

To: Peter O'Brien who wrote (42454)	3/28/2001 3:46:46 PM
From: Steve Dietrich	Read Replies (2) \| Respond to of 64865

<<So, I simply don't buy your assertion that capital gains tax receipts are "in large part" (your words) responsible for the current all-time historical high level of federal taxation.>> And yet they are, that and the fact that the top tax rate payer's incomes have risen faster than everyone else's. This from Lawrence Summers: ""...the tax burden for most American families is at its lowest in a generation. Consider: For a family of four with half of median income — about $29,000 — Federal income and payroll taxes are a smaller share [of income] than at any time since 1977. For a family with median income — about $59,000 — Federal income plus payroll taxes are now a smaller share of income than at any time since 1978, and Federal income taxes alone are the smallest share since 1966. Even a family with double the median income — about $117,000 — pays less in Federal income taxes as a share of their income than at any time since 1974. I note that 90 percent of American families have incomes below $117,000. It is true, as some have noted, that tax collections are rising as a share of GDP. But this does not reflect increases in tax burdens on particular categories of taxpayers. Taxable incomes have risen as a share of GDP because of the effects of a rising stock market. Capital gains are not a part of GDP. Therefore, any increase in capital gains drives the ratio of taxes to GDP higher without raising the share of income paid as taxes by families. In addition, higher-income families and corporations have been earning an increasing share of GNP, and they are taxed at a higher rate. All these factors have boosted revenues without raising the tax bills of the vast majority of American families." Steve Dietrich