Sowell claimed it's a "well-documented fact" that cap gains tax cuts raise revenue, but numerous economists disagree

SUMMARY: In a column criticizing Sen. Barack Obama's tax proposals, Thomas Sowell wrote that it is a "well-documented fact" that "lower tax rates on capital gains had produced more actual revenue collected from that tax than the higher tax rates had." In fact, numerous economists have challenged the assertion that cuts in the capital gains tax raise revenue in the long term. The nonpartisan Joint Committee on Taxation estimated that the 2006 extension of the 2003 cuts on capital gains taxes would result in decreased revenues of $20 billion over 10 years.

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