Ericynot asked why capital gains should not be taxed at the same rate as all other income.
Taxing away Capital Gains sounds like a “fair” thing to do unless you realize that what you are taxing away is Capital for future private sector investment in the economy. (That investment can be both in facilities and machinery that create jobs, and in consumer goods that require jobs to produce and to maintain. Yachts, private aircraft, BMWs, and garage elevators don’t build and maintain themselves. People with jobs do the building and maintaining.) Out here in flyover country we see taxing away capital as being akin to eating a bigger part of the seed corn stock while sitting with a dopy cross-eyed look on the face trying to figure out why there a