...our model suggests CBO's most recent, revised estimate is still too low by $28 billion for fiscal years 2004-2006, or roughly by 12 percent. In fact, capital gains tax revenue has nearly doubled since fiscal year 2003, growing from $50 billion in fiscal year 2003 to $98 billion in fiscal year 2006.

Taken altogether, the initial capital gains tax revenue forecast was for $192 billion of tax collections in fiscal year 2003-2006. Instead, we believe this number is actually $292 billion, a $100 billion difference or 52 percent. What was supposed to be a $5.4 billion loss has actually turned into a $100 billion gain.