It was, indeed, an interesting article ... not surprising, considering the source ... but I think it is another case of someone wandering outside their area of expertise when he gets to taxation. A regressive (in terms of age) capital gains tax is going to do little to encourage the right kind of investment. The real issue at this point is that we are giving people the benefit of the long term capital gains tax in exchange for them investing money in vehicles like traded stock that do nothing to provide money to businesses. If the capital gains incentive were limited to investments which actually went into business, then it might mean something.
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