Gilbert Gutknecht: “The real tragedy of that tale is they know that that is not true. As a matter of fact, the Treasury now has updated…”

“The real tragedy of that tale is they know that that is not true. As a matter of fact, the Treasury now has updated numbers that shows by reducing capital gains at the levels that we are talking about in this tax bill, you actually increase revenue to the Federal Government over the next 10 years by an additional $25 billion. Yesterday there was an article written by one of the former Federal Governors who said reducing capital gains will actually increase revenues to the Federal Government by hundreds of billions of dollars more because it will encourage people to sell assets that they have been sitting on for a long time and convert those and allow other people to buy them. And as this happens, as we get more and more transactions, as we get more and more people investing in savings, as we encourage investments in savings, you increase the size of the pie. You do not have to raise taxes to increase revenue. If you lower capital gains, even the Treasury Department now acknowledges, you actually increase revenue.”