In addition, a designation of taxes on capital gains as capital transfers (in a manner similar to estate and gift taxes) would raise measured personal saving and 5 lower overall tax receipts and, hence, government saving.
Thus, while total national saving would be unaffected by these specific accounting adjustments for capital gains, the distribution of NIPA saving among households, businesses, and governments would be significantly influenced. One must recognize that no single way to array information on income, production, and capital gains is best.