Historical US Federal Capital Gains Tax Rates & Collections, 1913-2025

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Federal Taxes on Capital Gains for Returns with Positive Net Capital Gains, 1913-2025

Tax YearTotal Realized Capital Gains ($ millions)Taxes Paid on Capital Gains ($ millions)Average Effective Tax Rate (%)Realized Gains as a Percent of GDP (%)Maximum Tax Rate for Long-Term Capital Gains
20251,445,280260,58918.04.7523.8
20241,368,128206,56015.14.6923.8
2023943,421207,66622.03.4023.8
20221,283,649336,29926.24.9323.8
20212,073,685304,80314.78.7523.8
20201,148,657185,60316.25.3723.8
2019881,001168,79719.24.0923.8
2018943,963170,07518.04.5723.8
2017871,265140,80616.24.4425.1
2016641,100128,95220.13.4125.1
2015725,161137,90819.03.9625.1
2014 716,162 139,127 19.4 4.07 25.10
2013 510,530 98,798 19.4 3.02 25.10
2012 647,073 91,178 14.1 3.98 15.00
2011 404,344 56,682 14.0 2.59 15.00
2010 394,230 55,017 14.0 2.62 15.00
2009 263,460 36,686 13.9 1.82 15.35
2008 497,841 68,791 13.8 3.37 15.35
2007 924,164 137,141 14.8 6.39 15.70
2006 798,214 117,793 14.8 5.78 15.70
2005 690,152 102,174 14.8 5.29 16.05
2004 499,154 73,213 14.7 4.09 16.05
2003 323,306 51,340 15.9 2.82 21.05/16.05
2002 268,615 49,122 18.3 2.46 21.16
2001 349,441 65,668 18.8 3.30 21.17
2000 644,285 127,297 19.8 6.29 21.19
1999 552,608 111,821 20.2 5.74 21.19
1998 455,223 89,069 19.6 5.02 21.19
1997 364,829 79,305 21.7 4.25 29.19/21.19
1996 260,696 66,396 25.5 3.23 29.19
1995 180,130 44,254 24.6 2.36 29.19
1994 152,727 36,243 23.7 2.09 29.19
1993 152,259 36,112 23.7 2.21 29.19
1992 126,692 28,983 22.9 1.94 28.93
1991 111,592 24,903 22.3 1.81 28.93
1990 123,783 27,829 22.5 2.07 28.00
1989 154,040 35,258 22.9 2.72 28.00
1988 162,592 38,866 23.9 3.10 28.00
1987 148,449 33,714 22.7 3.05 28.00
1986 327,725 52,914 16.1 7.14 20.00
1985 171,985 26,460 15.4 3.96 20.00
1984 140,500 21,453 15.3 3.48 20.00
1983 122,773 18,700 15.2 3.37 20.00
1982 90,153 12,900 14.3 2.70 20.00
1981 80,938 12,852 15.9 2.52 28.00/20.00
1980 74,132 12,459 16.8 2.59 28.00
1979 73,443 11,753 16.0 2.79 28.00
1978 50,526 9,104 18.0 2.14 39.875/33.85
1977 45,338 8,232 18.2 2.17 39.875
1976 39,492 6,621 16.8 2.10 39.875
1975 30,903 4,534 14.7 1.83 36.50
1974 30,217 4,253 14.1 1.95 36.50
1973 35,757 5,366 15.0 2.50 36.50
1972 35,869 5,708 15.9 2.80 36.50
1971 28,341 4,350 15.3 2.43 34.25
1970 20,848 3,161 15.2 1.94 32.21
1969 31,439 5,275 16.8 3.08 27.50
1968 35,607 5,943 16.7 3.78 26.90
1967 27,535 4,112 14.9 3.20 25.00
1966 21,348 2,905 13.6 2.62 25.00
1965 21,484 3,003 14.0 2.89 25.00
1964 17,431 2,482 14.2 2.54 25.00
1963 14,579 2,143 14.7 2.28 25.00
1962 13,451 1,954 14.5 2.22 25.00
1961 16,001 2,481 15.5 2.84 25.00
1960 11,747 1,687 14.4 2.16 25.00
1959 13,137 1,920 14.6 2.51 25.00
1958 9,440 1,309 13.9 1.96 25.00
1957 8,110 1,115 13.7 1.71 25.00
1956 9,683 1,402 14.5 2.15 25.00
1955 9,881 1,465 14.8 2.32 25.00
1954 7,157 1,010 14.1 1.83 25.00
1953 26.00
1952 26.00
1951 25.00
1950 25.00
1949 25.00
1948 25.00
1947 25.00
1946 25.00
1945 25.00
1944 25.00
1943 25.00
1942 25.00
1941 15.00
1940 15.00
1939 15.00
1938 15.00
1937 22.50
1936 22.50
1935 17.70
1934 17.70
1933 12.50
1932 12.50
1931 12.50
1930 12.50
1929 12.50
1928 12.50
1927 12.50
1926 12.50
1925 12.50
192412.50
1923 12.50
1922 12.50
192173.00
1920 73.00
1919 73.00
191877.00
1917 67.00
1916 15.00
19157.00
1914 7.00
1913 7.00
Note: Includes short and long-term net positive gains. Long-term gains excluded prior to 1987 are included in realized capital gains. Data for each year include some prior year returns. (a) The maximum taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. rate includes effects of exclusions (1954-1986), alternative tax rates (1954-1986; 1991-1996), the minimum tax (1970-1978), alternative minimum tax (1979-1996), income tax surcharges (1968-1970), the Pease limitation (1991-1998, 2013-2017), and the 3.8% net investment income tax of (2013-present). Capital gains taxes for 2015 to 2025 are estimated on a fiscal year basis from the Congressional Budget Office, while realizations are on a calendar year basis. The average effective tax rate increase in 2022 and 2023 reflects a surge in short-term capital gains realizations, which are subject to ordinary income tax rates, and timing differences between realizations and tax payments. Capital gains taxA capital gains tax is levied on the profit made from selling an asset and is often in addition to corporate income taxes, frequently resulting in double taxation. These taxes create a bias against saving, leading to a lower level of national income by encouraging present consumption over investment.  rates from 1913 to 1953 come from data compiled by Wolters Kluwer. Midyear rate changes occurred in 1978, 1981, 1997, and 2003.

Source: Treasury Department; Congressional Budget Office; Wolters Kluwer.

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