The stock market boom in the 1990s was followed by down years in the market in 2000, 2001 and 2002. This would translate into fewer capital gains to declare as income. With the overall stock market higher in 2003, 2004 and 2005, more individuals would have capital gains to report than during the first years of the new millennium. The year-over-year gains cited by Cooper and Wigley may have nothing to do with tax rate cuts; they may be simply the effect of stock market cycles.

THOMAS ROMENS, ST. PAUL