August 12, 1997

The newly passed capital gains legislation has revived some old debates, particularly the dispute over the supply-side effects the rate reduction will have on the economy. In time the data will show whether the reduction spurred incentives for investment enough to boost growth and revenues, settling the dispute once again. But because of the way the new legislation is structured, it offers a test of numerous capital gains-related hypothesis beyond just the growth and revenue questions.

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