Tax Sense and Nonsense

September 1978
National Review;9/1/1978, Vol. 30 Issue 35, p1064
The article reports on the passage of a tax reduction bill in the U.S. House of Representatives. The bill favored the well-to-do. The House bill would cut the maximum capital gains tax from 49 to 35 per cent. Arguments against reducing capital gains tax rates grow more weak each day. Real millionaires can easily avoid capital gains taxes by not selling the assets they own and not buying more. But such behavior can affect efficient investment and economic growth, and therefore leads to cutting the tax penalty on realizing inflated capital gains.


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