![Levy Economics Institute of Bard College, a nonprofit, nonpartisan, public policy think tank founded through the generous support of Bard College trustee Leon Levy Levy Economics Institute of Bard College, a nonprofit, nonpartisan, public policy think tank founded through the generous support of Bard College trustee Leon Levy](https://www.levyinstitute.org/images/levy_logo.png)
Publications
Policy Note 1999/7
| July 1999
Capital Income Taxes and Economic Performance
Tax reform that reduces tax rates on capital income, no matter how successful it is in reducing the user cost of capital, will have at best minimal effects on capital formation and output and therefore on the growth of the United States' economy.