Citizens for Tax Justice today released a report, Capital Gains and Dividends Tax Cuts Offer Almost No Benefit to Middle-Income Americans and Add to the Nation’s Fiscal Problems. Among the findings:
The state-by-state data shows how the benefits of these tax breaks are distributed among different income groups and examines available data on the revenue collected to see if revenues can actually increase in response to a tax cut. The report finds that:
- The majority of the benefits of these tax cuts go to the richest 1% in every state.
- Revenue collected by the capital gains tax was much higher during the Clinton administration, when the tax rate on capital gains was higher.
