TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Saturday, February 18, 2006

McIntyre & McIntyre on Capital Gains Tax Revenues

Michael J. McIntyre (Wayne State) & Robert S. McIntyre (Citizens for Tax Justice) have graciously allowed me to share data they have culled from the recently released report from the Treasury Department's Office of Tax Analysis, Capital Gains and Taxes Paid on Capital Gains for Returns with Positive Net Capital Gains, 1954-2003.  They have taken the raw Treasury data and adjusted it for inflation (item as % of GDP x 2003 GDP).  Their data show that adjusted cpaital gains tax revenues for 2003 (after the reduction in the top rate to 16.05%) are approximately the same as 1977-78 (39.875% top rate) and 1991 (28.93% top rate).  Here are some of their data:

Year

Capital Gains

Adj. CGs

CG Taxes

Adj CG Taxes

Top CG Rate

1974

30,217

220,286

4,253

31,005

36.5%

1975

30,903

207,135

4,534

30,390

36.5%

1976

39,492

237,882

6,621

39,872

39.875%

1977

45,338

244,397

8,232

44,375

39.875%

1978

50,526

241,110

9,104

43,444

39.875%

1979

73,443

313,442

11,753

50,160

28%

1980

64,132

290,427

12,459

48,811

28%

1981

80,938

282,756

12,852

44,898

28%/20%

1982

90,163

303,579

12,900

43,439

20%

1983

122,773

380,296

18,700

57,924

20%

1984

140,500

391,255

21,453

59,741

20%

1985

171,985

447,149

26,460

68,794

20%

1986

327,725

806,621

52,914

130,236

20%

1987

148,449

343,033

33,714

77,906

28%

1988

162,592

348,513

38,866

83,309

28%

1989

154,040

307,963

35,258

70,489

28%

1990

123,783

233,438

27,829

52,482

28%

1991

111,592

203,847

24,903

45,491

28.93%

1992

126,692

219,191

28,983

50,144

28.93%

1993

152,259

250,973

36,112

59,525

29.19%

1994

152,727

237,882

36,243

56,436

29.19%

1995

180,130

266,316

44,254

65,428

29.19%

1996

260,696

366,0048

66,396

93,228

29.19%

1997

364,829

481,123

79,305

104,585

29.19%/21.19%

1998

455,223

567,703

89,069

111,077

21.19%

1999

552,608

653,188

111,821

132,173

21.19%

2000

644,285

718,945

127,297

142,048

21.17%

2001

349,441

378,104

65,668

71,054

21.17%

2002

268,615

281,660

49,122

51,508

21.16%

2003

323,306

323,306

45,108

45,108

21.16%/16.05%

For their complete data, see:

http://taxprof.typepad.com/taxprof_blog/2006/02/mcintyre_mcinty.html

News | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef00d83527b1a953ef

Listed below are links to weblogs that reference McIntyre & McIntyre on Capital Gains Tax Revenues:

Comments