I believe that's an entirely different argument than Dr. Sowell and Stephen Moore are making. They are talking about tax avoidance not investment decisions. Nevertheless, I disagree with your assessment, although it may be correct in the short term. In the longer term, investers are going to invest if they believe they can make more money than not investing. The economy has roared even when personal or capital gains taxes have been higher than they are today. The economy is affected by tax rates to be sure, but it is not necessarily dictated by them as most conservatives are SURE is the case. -- Bringing up the Soviet Union is an ad hominem attack that exemplifies the hypocricy of conservatives regarding such attacks.