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Article: Capital Gains Tax Cut Plan Doesn't Add Up for Some
- Article from:
- The Washington Post
- Article date:
- June 25, 1998
- Author:
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In calling yesterday for deeper cuts in the capital gains tax
rates, House Speaker Newt Gingrich (R-Ga.) contended that his
proposal would stimulate "massively more economic activity" and
bring the Treasury billions in additional revenue over the next 10
years.
Brandishing charts and graphs at a Capitol Hill news
conference, he touted "amazing" data from the Congress's Joint
Committee on Taxation, which he said proves that the capital gains
cut included in the 1997 budget deal would produce a net revenue
gain of $47 billion over the next decade.
It's "simple math," Gingrich said, pointing to a chart showing
that the committee's January 1998 estimate of capital gains tax
receipts had ...