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To: Peter O'Brien who wrote (42499)	3/28/2001 7:16:29 PM
From: Steve Dietrich	Read Replies (1) \| Respond to of 64865

<<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?>> Yes i do. This from the very report you've cited: "As shown in Table 3-3, capital gains realizations have been a major reason for the increase in individual income tax liabilities relative to GDP" Is it your intention to argue the semantic difference between "a major reason" and "in large part?" (If so, you can count me out.) And this doesn't count taxable stock option income which also comes from the stock market but isn't counted towards gdp. This from Alan Greenspan in 1999: "we have had a very significant rise in individual tax receipts which unquestionably are reflective of the very large capital gains; and, secondarily, the impact of rising stock prices on other types of income." And this from Bush's chief economic adviser Lawrence Lindsey in 1999: "A disproportionate share of this extra revenue is coming from upper income taxpayers through higher income tax payments. The likely reason for these payments is the booming stock market..." What is clear is that in the 90's tax revenues have risen in proportion to gdp because upper income earners have done very well (in large part due to the booming stock market which doesn't count towards gdp). The rest of Americans aren't paying any more in taxes then they have in the 70's and 80's. In fact they're paying a little less. Steve Dietrich