Kevin Drum on the snake-oily concept that we ought to not tax capital gains very much (or at all) in this country. I am very suspicious of any argument from any group that goes roughly like this: "It's good for the American economy if I pay a much lower tax rate than you." You should always be skeptical of any theory of this sort…except of course for mine about how we could wipe out the debt if we didn't tax producer fees on cartoon shows about lasagna-eating cats.
That's not my theory, by the way. I think Milton Friedman came up with it.