All income should be taxed the same way. WHy should the government give special treatment to income generated in a more risky enterprise. The upside of a riskier investment is not lower taxes, its higher returns. If I buy a lottery ticket and win a million bucks, it's just income, even though my chances of losing my dollar investment were really high.
Tax all incoem the same and make everyone pay the same percent in FICA. Then we will be in a position where the tax landscape is even.