The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.

The idea that content is king has long rested on the notion that distribution - in whatever form it takes - is a low-margin commodity, and the biggest share of profits flows to the creators of original programming, who can sell to the highest bidder.

If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.

James B. Stewart Quotes