Remember, most of these estimates saying capital gains tax won't raise much revenue are probably very wrong, as @omzidar et al. explain in a recent paper!
And the belief that capital gains taxes are the worst kind of taxes is based on incorrect interpretations of theories that are themselves highly questionable!
On international tests, American kids score very well in reading and very badly at math.
Why?
My hypothesis: We de-emphasize math because we treat it as an IQ test, instead of a skill that anyone can learn.
I am not worried about top-end math education. Top students will find a way to learn.
I am worried about average students' math education. These are the students whose parents have not prepared them as much. But they have plenty ability to do math!!
We need research to tell us how the world really works. Suppressing results for ideological reasons doesn't just damage the credibility of the scientific process; it leaves us less capable of actually making the world better.
2/The first good thing about capital gains taxes -- as opposed to corporate taxes or payroll taxes or sales taxes -- is that you can make them very progressive, so they mostly tax high earners.
Biden wants to do exactly this.
3/The second good thing about capital gains taxes is that they won't throw the country back into recession.
Capital gains taxes are macroeconomically safer than most other kinds of taxes.
Listening to @rauchway's "Why the New Deal Matters", I' once again struck by FDR's characterization of democracy not simply as a procedure for electing leaders, but as a deep and pervasive ideology that could and should define all aspects of society.
This is something I think we've lost, and need to regain: Democracy as a way of life, not just a process of elections. Democracy in social relations, democracy in business, democracy in culture.
FDR also believed that democracy was the only ideology that could stand up to fascism and make a better world. He was right. Communism, despite its battlefield victories in WW2, ended up looking much like fascism after a while. Democracy, in contrast, built a better world.