Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas tax-free.

Various justifications for lower capital-gains rates have been proffered over the years, none of them self-evident. But even conceding the wisdom of lower capital-gains rates, why should they never be taxed at all, even as they are passed from generation to generation?

The appreciation of capital assets is already taxed at an extremely favorable rate compared to labor. That's why the rich pay such a low effective tax rate no matter what their marginal tax bracket.

James B. Stewart Quotes