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Capital Gains Tax Cut: Some Other Thoughts

March 15, 1992

Maybe Tom Petruno is right and the unprecedentedly low capital gains tax rate of 15.4% would lead to a soaring stock market; but if it's living standards we want to raise, let's get those top income tax brackets up to an equally unprecedented 95%!

There are many arguments that need to be made against a capital gains tax cut, but the most obvious one that I have not heard others make is: How do you know that investors won't take advantage of the cut to buy machinery? Just what we need in this time of rising unemployment--more automation?

ROGER SKUTT

Granada Hills

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