Capital gains rates

The capital gains tax was started by congress in 1921 and can be eliminated by congress. It was started when the max income tax rate was 73% and was designed to encourage investment by setting the capital gain rate at 12%. Eliminating the federal capital gains tax entirely requires an act of Congress. To fully abolish the tax, both chambers of the U.S. Congress would need to pass legislation, which the President would then have to sign into law. This would require replacing the Internal Revenue Code regarding capital assets. Polls show that 70% favor taxing long term capital gains as ordinary income and this would essentially remove the capital gains tax. Congress only needs to act.