A proposed increase in the capital gains tax rate would decrease entrepreneurship by reducing the rewards for risk-taking.

“If you take those rewards away I think the implications are much bigger than just the cap gains rates here because as the people change their behavior then the capital formation pools outside of the united states change their behavior and the whole thing has a knock-on effect”

Treating capital gains simply as income is a category error because that money has already been taxed once as income.

“I think it's a category error to treat capital gains or to think about it just as income you have to remember that all this money has already been taxed once right so you make the money the first time as income you earn it you pay tax on it then you decide to save some of it and invest it”

Increasing the capital gains tax will negatively impact entrepreneurship by reducing available investment capital.

“so there's 50 million less progress that's going to happen on that business i'm not sure that that was that's the right answer for what that company is trying to do in the world”