1978 All Over Again?
In his Weekend Profile column on Senator John Thune, Wall Street Journal columnist John Fund writes: “Mark Bloomfield, the head of the American Council for Capital Formation, wants to revive an idea that he helped enact into law back in 1978, when the country was sliding into recession and governed by a Democratic president and Congress. Against all odds, Mr. Bloomfield and his allies assembled a bipartisan coalition that cut capital gains taxes. Does he think a similar approach could be tried today?”
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"...to marshal more venture capital for more new industries -- the kind of efforts that begin with a couple of partners setting out to create and develop a new product -- we intend to lower the maximum capital gains tax rate."
"The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced in new ventures in obtaining capital, and thereby the strength and potential for growth of the economy."