Strange as it may sound, most economists would agree that having zero taxes on capital income is theoretically the best thing to do. The political wrangling obscured the real issues underlying a question that has occupied economists and tax experts for many years-whether individuals should pay any taxes at all on capital income. As always, political discussions of the tax cuts focused largely on who would reap the tax savings. The 2003 tax bill also reduced the top capital gains tax from 20 percent to 15 percent. Bush wanted, but far below the 40 percent many high-income individuals paid in 2000. In 2003, Congress cut the top tax rate on dividends to 15 percent-significantly greater than the zero dividend tax that President George W.
Some of the most significant tax changes in recent years have concerned the taxation of capital income.
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