Capital gains taxes diminish investment, which affects employment. Inheritance taxes are particularly iniquitous, since they transfer a family’s lifetime of accumulation to the government. What’s the government done to deserve what my parents worked for?
Of course, eliminating death taxes would make lots of estate-and-trusts lawyers and accountants go find honest work ...
I call bologna. The market and the economy are decoupled at this point. The former is a bubble - an epiphenomenon of QE, the latter is a victim of automation and offshoring.
I predict that the DOW will hit 15K this year (on devalued FRNs) -- for I do not believe the Fed will cut off QE in June, or the Fed will perhaps go into stealth mode QE -- and the U6 will remain above 16%,