▁g ains ▁and ▁qual ifying ▁divid ends ▁from ▁ 2 0 % ▁to ▁ 1 5 %, ▁less ▁than ▁half ▁the ▁ 3 5 % ▁top ▁rate ▁on ▁ordinary ▁income . ▁ ▁C BO ▁reported ▁in ▁August ▁ 1 9 9 0 ▁that : ▁" Of ▁the ▁ 8 ▁studies ▁review ed , ▁five , ▁including ▁the ▁two ▁C BO ▁studies , ▁found ▁that ▁cutting ▁tax es ▁on ▁capital ▁g ains ▁is ▁not ▁likely ▁to ▁increase ▁sav ings , ▁invest ment , ▁or ▁G NP ▁much ▁if ▁at ▁all ." ▁Some ▁of ▁the ▁studies ▁indicated ▁the ▁loss ▁in ▁re venue ▁from ▁lower ing ▁the ▁tax ▁rate ▁may ▁be ▁offset ▁by ▁higher ▁economic ▁growth , ▁others ▁did ▁not . ▁ ▁Journal ist ▁Tim othy ▁No ah ▁wrote ▁in ▁ 2 0 1 2 ▁that : ▁" Every ▁one ▁of ▁these ▁changes ▁elev ated ▁the ▁financial ▁interests ▁of ▁business ▁own ers ▁and ▁stock hold ers ▁above ▁the ▁well - be ing , ▁financial ▁or ▁otherwise , ▁or ▁ordinary ▁citizens ." ▁So ▁overall , ▁while ▁cutting ▁capital ▁g ains ▁tax es ▁advers ely ▁affect s ▁income ▁inequality , ▁its ▁economic ▁benefits ▁are ▁deb atable . ▁ ▁Other ▁tax ▁policies ▁R ising ▁inequality ▁has ▁also ▁been ▁attributed ▁to ▁President ▁Bush ' s ▁v eto ▁of ▁tax ▁harm on ization , ▁as ▁this ▁would ▁have ▁prohib ited ▁off sh ore ▁tax ▁ha vens . ▁ ▁Deb ate ▁over ▁effects ▁of ▁tax ▁policies ▁One ▁study ▁found ▁redu ctions ▁of ▁total ▁effective ▁tax ▁rates ▁were ▁most ▁significant ▁for ▁individuals ▁with