I’ve often seen an equivalence made on this forum between levying higher capital gains taxes and discouraging investment. While they are certainly related, rates of capital gains taxes aren’t the primary driver of productive investment.

We have observed close to two decades of rapid asset price inflation that can very reasonably be argued outstripped actual productive activity. Rent seeking isn’t something that should be incentivized either and is ultimately a very corrosive behavior in our economy, politics and society.