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Article: Capital gains tax challenged
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- June 30, 1999
- Author:
CopyrightCopyright 1999 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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With the Legislature set to raise capital gains taxes this
summer, a new study seeks to challenge the conventional wisdom that
such an increase would afflict only the comfortable.
The study, released today by the Beacon Hill Institute for Public
Policy Research, contends that a plan to create a minimum capital
gains tax of 2 percent would result, proportionately, in a bigger
tax increase for people who earn less than $20,000 a year than for
those making more than $200,000.
Critics of the study, however, contended that the new tax would
have a barely noticeable impact on low-income earners while reaping
tens of millions of revenue dollars from wealthy stockholders.
Currently, assets held ...