Fairness at a price - less revenue? Since the Buffett Tax is really a capital gains tax increase from 15% to 30%, it will actually reduce federal tax revenue. In 1986, we increased the capital gains tax rate from 20% to 28% and the revenue collected went down from $50 billion to $25 billion over the following 5 years. Conversely, every time we reduced the capital gains tax, revenue went up. See "The Obama Tax Soup" WSJ 4/9/2012
No comments:
Post a Comment