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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
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'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/
