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Article: Cut capital gains - now!(capital gains tax should be reduced)(Column)
- Article from:
- USA TODAY
- Article date:
- September 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 Society for the Advancement of Education. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ACCORDING TO the spring edition of the Internal Revenue Service's Statistics of Income Bulletin, issued June 7, 1995, total individual income taxes were $501,200,000,000 for 1993, passing the half-trillion-dollar mark for the first time. This was a 5.3% increase from 1992, when total income taxes were $476,000,000,000, and resulted in a large part because of higher marginal tax rates on upper-income individuals.
For 1993, the over-all average tax rate rose from 13.1 to 13.5%, up almost four percent. The Washington-based Tax Foundation predicts further increases. The Foundation recently released a study showing that Federal, state, and local governments are expected ...