The Board of Economists report for Oct. 9 repeatedly referred to the tax break for the rich which would be in effect if favorable long-term capital gain taxation were to return. The article neglected to point out that there was and still is the alternative minimum tax which nullifies any preferential treatment for the wealthy.
A reduced long-term capital gain tax is truly a tax break for lower tax bracket taxpayers. I specialize in financial planning for moderate- to low-income people, mostly teachers. If they can sell their little rental or mutual fund or shares of stock inherited years ago and get a tax break, the taxes saved go either to savings or right back into the economy.