though there are people who would disagree with you. Who would point out that the tax reduction act passed in August of 1981, and that economies the size of the US don't turn around on a dime. And that for most people who don't inherit their wealth, income (which was previously taxed) provided for the capital that made the capital gain. And since capital gains taxes are not adjusted for inflation, the present value of the redeemed stock is proportionately reduced by that inflation factor. But as some famous politician said once, "facts are stubborn things."