The tax code is currently biased against saving and investment; increasing the capital gains tax rate would add to the bias against saving and reduce national income. 0000005517 00000 n Under the current tax system, capital gains are not adjusted for inflation, meaning individuals pay tax on income plus any capital gain that results from price-level increases. by Verso. 0000117981 00000 n

0000022294 00000 n [15] This assumes the stock grew at the same rate as the S&P 500 during that 10-year period. This implies that the taxpayer paid an effective rate of 27.9 percent on the real gain.[17]. [18] Ultimately, the lower rate on capital gains does not mitigate the inflation issue, as taxpayers still face tax liability whether they made a real gain or real loss.

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0000115023 00000 n Taxing capital gains creates an additional tax to the taxes on wages and business income.