Capital gains taxes - more effective than people thought
New evidence is now emerging from the Congressional Research Service of the U.S., which shows that even the U.S. government forecasters have been bamboozled. And they were wrong to do so:
The revenue gain from allowing the capital gains tax to rise could be up to twice as much as that projected by the JCT for FY2019 if the smaller responses estimated in more recent studies were applied. It is reasonable to expect revenue gains of $28 billion, rather than the $13 billion likely to be projected by JCT if they maintain their current realizations response assumptions, and the gain is unlikely to be less than $18 billion.
(The rest, unfortunately, is even more jargon-filled.)