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CAPITAL GAINS TAXATION: EFFECTS AND PROPOSALS -- CAPITAL GAINS TAXATION: EFFECTS AND PROPOSALS -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- Chapter 1: CAPITAL GAINS TAXES:AN OVERVIEW -- SUMMARY -- WHAT ARE CAPITAL GAINS AND HOW ARE THEY TAXED? -- A BRIEF HISTORY -- REVENUE EFFECTS -- IMPACT ON EFFECTIVE TAX BURDENS -- ISSUES: EFFICIENCY, GROWTH, DISTRIBUTION, AND COMPLEXITY -- Chapter 2: THE ECONOMIC EFFECTS OF CAPITAL GAINS TAXATION -- SUMMARY -- INTRODUCTION -- HOW CAPITAL GAINS ARE TAXED -- CAPITAL GAINS TAX RATES AND TAX REVENUES -- Tax Rates

This report discusses the tax legislation in 1997 that reduced capital gains taxes on several types of assets, imposing a 20% maximum tax rate on long-term gains, a rate temporarily reduced to 15% for 2003-2008, which was extended for two additional years in 2006.

This report gives an overview of Capital Ganis taxes. It also reports its history, how are they taxes, revenue effects, impact, and issues.

An important question under the capital gains provisions of the revenue laws is the meaning of the term "hold." The author studies judicial concepts of "holding" and concludes that inconsistencies have been introduced by judicial reaction to changing concepts of property. Noting that past legislative attempts to remedy the situation have been fruitless, he issues a call for "enlightened" congressional action.

This report presents several different measures of the distribution of the capital gains tax are presented. These measures examine the absolute and relative distribution across income classes, the effects on the distribution of taxes, and the proportion of the population affected by the tax.