Tax Year
($millions) ($millions) (%) (%) (%)
1980 69,856 10,817 15.5 2.44 28.00
1981 77,071 11,934 15.5 2.40 28.00/20.00
1982 86,087 12,500 14.5 2.57 20.00
1983 116,015 17,134 14.8 3.19 20.00
1984 135,936 20,365 15.0 3.36 20.00
1985 166,356 25,178 15.1 3.83 20.00
1986 318,944 50,834 15.9 6.95 20.00
1987 140,386 31,791 22.6 2.88 28.00
1988 153,271 36,746 24.0 2.92 28.00
1989 141,069 32,351 22.9 2.49 28.00
1990 115,671 25,900 22.4 1.93 28.00
1991 98,363 21,581 21.9 1.59 28.93
1992 114,060 25,847 22.7 1.74 28.93
1993 134,469 31,393 23.3 1.95 29.19
1994 140,392 33,092 23.6 1.92 29.19
1995 158,955 38,368 24.1 2.07 29.19
1996 233,872 58,782 25.1 2.89 29.19
1997 330,360 69,572 21.1 3.84 29.19/21.19
1998 424,762 80,611 19.0 4.67 21.19
1999 482,181 91,416 19.0 4.99 21.19
2000 588,061 111,507 19.0 5.72 21.19
2001 322,831 58,750 18.2 3.04 21.17
2002 251,301 44,984 17.9 2.29 21.16
2003 294,811 44,903 15.2 2.56 21.05/16.05
2004 466,224 66,154 14.2 3.80 16.05
2005 648,430 92,304 14.2 4.95 16.05
2006 750,771 106,568 14.2 5.42 15.70
2007 861,220 122,036 14.2 5.95 15.70
2008 463,614 61,387 13.2 3.15 15.35
2009 225,336 28,228 12.5 1.56 15.35
2010 357,278 46,557 13.0 2.39 15.00
2011 376,191 50,480 13.4 2.42 15.00
2012 610,218 82,807 13.6 3.78 15.00
2013 462,212 85,702 18.5 2.77 25.10
2014 670,447 126,246 18.8 3.77 25.10
U.S. Department of the Treasury December 20, 2016
Office of Tax Analysis
Notes:
Taxes Paid on Long-Term Capital Gains, 1977-2014
Data include returns with net long-term gains in excess of any short-term losses. Each year includes some late-filed
prior year returns. The maximum rate is the effective rate applying to high-income taxpayers, including provisions
that alter effective rates for significant amounts of gains. Maximum rates include the effects of exclusions (1954-
86), alternative tax rates (1954-86,1991-97), minimum tax (1970-78), alternative minimum tax (1979-), income tax
surcharges (1968-70), phaseouts of itemized deductions (3% 1991-2005 and 2013, 2% 2006-07, 1% 2008-09) and
the 3.8% tax on net investment income (2013). The maximum statutory rate on long-term gains was 28% starting
1991, 20% starting May 1997, 15% starting May 2003 and 20% starting in 2013. The 2008-9 maximum rate
includes the effect of the 1% itemized deduction phaseout, computed as 15.35=15+.01*35. Starting 1997, gains on
collectibles and certain depreciation recapture are taxed at ordinary rates, up to maximum rates of 28% on
collectibles and 25% on recapture. Tax rates changed midyear in 1978, 1981, 1997 and 2003. Estimates are
subject to revision. See the excel sheet for additional years.
Average
Effective Tax
Rate
Taxes Paid on
Long-Term
Capital Gains
Realized Long-
Term Capital
Gains
Maximum Tax Rate
on Long-Term
Gains
Realized Gains
as a Percent of
GDP
U.S. Department of the Treasury
Office of Tax Analysis
December 20, 2016
