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

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

Tax Year	Total 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
2025	1,445,280	260,589	18.0	4.75	23.8
2024	1,368,128	206,560	15.1	4.69	23.8
2023	943,421	207,666	22.0	3.40	23.8
2022	1,283,649	336,299	26.2	4.93	23.8
2021	2,073,685	304,803	14.7	8.75	23.8
2020	1,148,657	185,603	16.2	5.37	23.8
2019	881,001	168,797	19.2	4.09	23.8
2018	943,963	170,075	18.0	4.57	23.8
2017	871,265	140,806	16.2	4.44	25.1
2016	641,100	128,952	20.1	3.41	25.1
2015	725,161	137,908	19.0	3.96	25.1
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
1924					12.50
1923					12.50
1922					12.50
1921					73.00
1920					73.00
1919					73.00
1918					77.00
1917					67.00
1916					15.00
1915					7.00
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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