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1 Kyle Pomerleau, The High Burden of State and Federal Capital Gains Tax Rates in the United States 1 (2015)

handle is hein.taxfoundation/hbstafcgt0001 and id is 1 raw text is: FOUNDATION F SCAL FACT Mar. 2015 No. 460 The High Burden of State and Federal Capital Gains Tax Rates in the United States By Kyle Pomerleau Economist Key Findings * The average combined federal, state, and local top marginal tax rate on long-term capital gains in the United States is 28.6 percent - 6th highest in the OECD. * This is more than 10 percentage points higher than the simple average across industrialized nations of 18.4 percent, and 5 percentage points higher than the weighted average. * Nine industrialized countries exempt long-term capital gains from taxation. * California has the 3rd highest top marginal capital gains tax rate in the industrialized world at 33 percent. * The taxation of capital gains places a double-tax on corporate income, increases the cost of capital, and reduces investment in the economy. * The President's FY 2016 budget would increase capital gains tax rates in the United States from 28.6 percent to 32.8, the 5th highest rate in the OECD.