December 1, 1972

Tax Review: Capital Gains, Losses in Income Taxation

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Executive Summary
A change in the law to permit the taxation of capital gains on a sliding scale would, says Dr. Smith in this essay, “reduce the tax pressure to consume national capital and to freeze investment portfolios.”

A 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.