The Telegraph reports:
The Adam Smith Institue, studing CGT changes in America from 1955 to 2006, has calculated that every time the rate was cut revenues went up, and every time.
Now I wonder why they looked at the USA when the proposal being made here is that CGT be changed so that it is paid at the taxpayers highest marginal income tax rate.
Nigel Lawson did that in 1988. As a result we have a case study on whether it worked or not reasdilty available.
The stats are here.
The yield rose by 68%.
Odd that the Adam Smith Institute didn't spot that.
And odd that a body that campaigns against tax should so vigorously oppose an increase that they say will not increase yield.
Could it be that the ASI aren't letting on to what they really know?