The Literature Network - Capital Gains: No Need For an Adam Smith

Capital Gains: No Need For an Adam Smith

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From: The Washington Post
Date: 19891019
Author:

The most telling blow against a two-year lowering of the capital gains tax was struck by Sen. Bill Bradley (D-N.J.) in his op-ed article of Sept. 27. Is everyone but Sen. Bradley blind to the fact that if the rate were lowered for two years there would be a stampede to sell while the lower rate was in effect?

The very argument for the lower rate-that it will stimulate sales and therefore increase tax revenues-is the very same argument against it. For when real estate and securities flood the market, the portfolios of even the most affluent who retain either all or a portion of their ...

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