Lots of stories like this over the past couple of days. Easy and reasonable to mock them: "People who make a lot of money from capital gains say taxing capital gains is terrible." But more to say 1/ https://www.ft.com/content/b4b054a7-79e3-4e72-93c4-e05cb99c9a50">https://www.ft.com/content/b...

One important point is how modest even the stock market impact has been. If this is catastrophic, why did it produce only a 1% stock decline, reversed the next day? 2/

Beyond that, when investment-industry types say that raising this tax would be terrible for the economy, we should ask: How do they know? 3/

Seriously: success in playing the stock market doesn& #39;t grant any magical insights into the effects of taxes on, say, real GDP. And the economics of capital gains taxation are actually very hard, even by tax econ standards 4/