[topmonk]

Raising taxes didn't do it. It was the horrendous hype generated by the dot com bubble. Having a net surplus was just a blip on the radar which quickly became unattainable as soon as the resulting crash.

[sheeshkebab]

Capital gains tax was raised in late 80’s and 90’s.

[topmonk]

I'm not denying that. I just don't think the explanation for why the deficit was eliminated was because of that.

[lsniddy]

coupled with Alan Greenspan's promotion of home ownership which eventually led to the subprime collapse