This issue is generally described under the heading "effective capital gains tax rate" in the literature, which back when the rate was higher was between 3.4% a

This issue is generally described under the heading "effective capital gains tax rate" in the literature, which back when the rate was higher was between 3.4% and 6.6% (1960 to 1978). http://www.jstor.org/pss/2352820 http://www.jstor.org/pss/2352820 for an abstract that relates