the government of british india shifted capital of india from calcutta to delhi.
who shifted capital of india from calcutta to delhi?
the government of british india
old delhi had served as the political and financial centre of several empires of ancient india and the delhi sultanate, most notably of the mughal empire from 1649 to 1857. during the early 1900s, a proposal was made to the british administration to shift the capital of the british indian empire, as india was officially named, from calcutta on the east coast, to delhi. the government of british india felt that it would be logistically easier to administer india from delhi, which is in the centre of northern india. the land for building the new city of delhi was acquired under the land acquisition act 1894.
new delhi
in 1964, the effective capital gains tax rate was 25%. this means that the actual tax percentage of all capital gains realized in the u.s. in 1964 was 25% as opposed to the nominal capital gains tax rate, or the percentage that would have been collected by the government prior to deductions and evasions. this effective rate held constant until a small rise in 1968 up to 26.9% and then began steadily increasing until it peaked at 39.875% in 1978. this top rate then fell to 28% in 1979 and further dropped to 20% in 1982. this top capital gains rate held until 1986 when the tax reform act of 1986 re-raised it to 28% and 33% for all individuals subject to phase-outs. the tax reform act of 1986 shifted capital gains to income for the first time thus establishing equal short-term capital gains taxes and marginal income tax rates. the top rate of 28%, not taking into account taxpayers under the stipulations of a phase-out, remained until 1997, despite increases in marginal income tax rates, when it was lowered to 28%. starting in may 1997, however, long-term capital gains were divided into multiple subgroups based on the duration of time investors held them. each new subgroup had a different tax rate. this effectively reduced the top capital gains tax rate on a long-term capital good held for over 1 year from 28% to 20%. these multiple subgroups were reorganized into less than one year, one to five years, and five years or more and were in place from 1998 to 2003. in 2003, the divisions reverted to the less than one year and more than one year categories until 2011 when then reverted to the three divisions first implemented in 1998. this rate, 20%, remained until 2003 when it was further reduced to 15%. the 15% long-term capital gains tax rate was then changed back to its 1997 rate of 20% in 2011. capital gains taxes for the bottom two and top two income tax brackets have changed significantly since the late 1980s. the short-term and long-term capital gains tax rates for the bottom two tax rates, 15% and 28%, respectively, were equal to those tax payers' marginal income tax rates from 1988 until 1997. in 1997, the capital gains tax rates for the bottom two income tax brackets were reduced to 10% and 20% for the 15% and 28% income tax brackets, respectively. these rates remained until 2001. president bush made additional changes to the capital gains tax rates for the bottom two income tax brackets in 2001, which were lowered from 15% and 28% to 10% and 15%, respectively, by lowering the tax on long-term capital gains held for more than five years from 10% to 8%. he also reduced the tax on short-term capital gains from 28% to 15% for the 15% tax bracket as well as lowered the tax on long-term capital goods from 20% to 10%. in 2003, the capital gains tax on long-term capital goods decreased from 10% to 5% for both of the bottom two tax brackets (10% and 15%). in 2008, these same rates were dropped to 0% but were restored to the 2003 rates in 2011 under president obama via the extension of the bush tax cuts.
tax policy and economic inequality in the united states