Tuesday, February 13, 2007
The Treasury Department's Office of Tax Policy has updated two reports to include 2004 data:
- Capital Gains and Taxes Paid on Capital Gains for Returns with Positive Net Capital Gains, 1954-2004
- Long-Term Capital Gains and Taxes Paid on Long-Term Capital Gains, 1977-2004
The Treasury data paint a remarkable picture, with capital gains realizations and receipts continuing to surge after the reduction in the top rate from 28% to 20% in May 1997 and to 15% in May 2003:
In 2004, the first full year of the 15% top rate, capital gains realizations increased to $466.2 billion (from $299.8 billion in 2003), and capital gains tax receipts increased to $66.2 billion (from $44.9 billion in 2003).