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:
