Capital Gains and Taxes Paid on Capital Gains
for Returns with Positive Net Capital Gains, 1954-2005
(dollar amounts in billions)
Total Taxes Realized Taxes Maximum Common
Realized Paid on Gains as Paid as Rate on Average Log of Gross
Capital Capital Percent Percent Long-Term Effective Mid-year Mid-year Domestic
Year Gains Gains of GDP of GDP Gains Tax Rate S&P 500 S&P 500 Product
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
1954 7.157 1.010 1.88 0.266 25.00 14.1 29.21 1.466 380.4
1955 9.881 1.465 2.38 0.353 25.00 14.8 41.19 1.615 414.8
1956 9.683 1.402 2.21 0.320 25.00 14.5 46.93 1.671 437.5
1957 8.110 1.115 1.76 0.242 25.00 13.7 47.43 1.676 461.1
1958 9.440 1.309 2.02 0.280 25.00 13.9 45.28 1.656 467.2
1959 13.137 1.920 2.59 0.379 25.00 14.6 58.97 1.771 506.6
1960 11.747 1.687 2.23 0.320 25.00 14.4 57.06 1.756 526.4
1961 16.001 2.481 2.93 0.455 25.00 15.5 65.21 1.814 544.7
1962 13.451 1.954 2.29 0.334 25.00 14.5 54.75 1.738 585.6
1963 14.579 2.143 2.36 0.347 25.00 14.7 69.37 1.841 617.7
1964 17.431 2.482 2.62 0.374 25.00 14.2 81.69 1.912 663.6
1965 21.484 3.003 2.98 0.418 25.00 14.0 84.12 1.925 719.1
1966 21.348 2.905 2.70 0.369 25.00 13.6 84.74 1.928 787.8
1967 27.535 4.112 3.30 0.494 25.00 14.9 90.64 1.957 832.6
1968 35.607 5.943 3.91 0.653 26.90 16.7 99.58 1.998 910.0
1969 31.439 5.275 3.19 0.536 27.50 16.8 97.71 1.990 984.6
1970 20.848 3.161 2.01 0.304 32.21 15.2 72.72 1.862 1038.5
1971 28.341 4.350 2.51 0.386 34.25 15.3 99.16 1.996 1127.1
1972 35.869 5.708 2.89 0.461 36.50 15.9 107.14 2.030 1238.3
1973 35.757 5.366 2.58 0.388 36.50 15.0 104.10 2.017 1382.7
1974 30.217 4.253 2.01 0.284 36.50 14.1 86.00 1.934 1500.0
1975 30.903 4.534 1.89 0.277 36.50 14.7 95.19 1.979 1638.3
1976 39.492 6.621 2.17 0.363 39.875 16.8 104.28 2.018 1825.3
1977 45.338 8.232 2.23 0.405 39.875 18.2 100.48 2.002 2030.9
1978 50.526 9.104 2.20 0.397 39.875 18.0 95.53 1.980 2294.7
1979 73.443 11.753 2.86 0.459 28.00 16.0 102.91 2.012 2563.3
1980 74.132 12.459 2.65 0.447 28.00 16.8 114.24 2.058 2789.5
1981 80.938 12.852 2.58 0.411 28.00 15.9 131.21 2.118 3128.4
1982 90.153 12.900 2.77 0.396 20.00 14.3 109.52 2.039 3255.0
1983 122.773 18.700 3.47 0.529 20.00 15.2 168.11 2.226 3536.7
1984 140.500 21.453 3.57 0.545 20.00 15.3 153.16 2.185 3933.2
1985 171.985 26.460 4.08 0.627 20.00 15.4 191.85 2.283 4220.3
1986 327.725 52.914 7.36 1.186 20.00 16.1 250.67 2.399 4462.8
1987 148.449 33.714 3.13 0.711 28.00 22.7 303.99 2.483 4739.5
1988 162.592 38.866 3.18 0.762 28.00 23.9 273.50 2.437 5103.8
1989 154.040 35.258 2.81 0.643 28.00 22.9 317.98 2.502 5484.4
1990 123.783 27.829 2.13 0.480 28.00 22.5 358.02 2.554 5803.1
1991 111.592 24.903 1.86 0.415 28.93 22.3 371.18 2.570 5995.9
1992 126.692 28.983 2.00 0.457 28.93 22.9 408.20 2.611 6337.7
1993 152.259 36.112 2.29 0.542 29.19 23.7 450.54 2.654 6657.4
1994 152.727 36.243 2.17 0.512 29.19 23.7 444.27 2.648 7072.2
1995 180.130 44.254 2.43 0.598 29.19 24.6 544.75 2.736 7397.7
1996 260.696 66.396 3.34 0.849 29.19 25.5 670.63 2.826 7816.9
1997 364.829 79.305 4.39 0.955 29.19 21.7 885.14 2.947 8304.3
1998 455.223 89.069 5.18 1.018 21.19 19.6 1133.84 3.055 8747.0
1999 552.608 111.821 5.96 1.206 21.19 20.2 1372.71 3.138 9268.4
2000 644.285 127.297 6.56 1.297 21.19 19.8 1454.60 3.163 9817.0
2001 349.441 65.668 3.45 0.648 21.17 18.8 1224.42 3.088 10128.0
2002 268.615 49.122 2.57 0.469 21.16 18.3 989.82 2.996 10469.6
2003 323.306 51.340 2.95 0.468 21.05 15.9 974.50 2.989 10960.8
2004 499.154 73.213 4.27 0.627 16.05 14.7 1140.84 3.057 11685.9
2005 690.152 102.174 5.55 0.822 16.05 14.8 1191.33 3.076 12433.9
Source: Department of the Treasury, Office of Tax Analysis; Yahoo! Finance;
Budget of the U.S. Government, FY 2009: Historical Tables, table 10.1
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