, Columnist
The Case for Low Capital-Gains Taxes Grows Weaker
Evidence shows that rate cuts in 2003 did nothing to spur business investment.
This doesn’t really work.
Photographer: Mint/Hindustan Times/Getty ImagesThis article is for subscribers only.
By now, most informed observers know that economics research has gotten much more empirical since the early 1980s.
What might be less obvious is why this matters so much. To understand, it helps to look at the history of the debate over capital taxation.