Why pay any taxes at all on already taxed money put at risk?
That's the moral and logical argument against capital gains taxes. Too bad Bush and his advisors don't buy it. Clinton didn't either, of course. The difference is, Freepers criticized Clinton on the issue - but they DEFEND Bush for taking the same position that Clinton did.
Capital gains are income. In an fair income tax system, capital gains should be fully indexed and taxed when realized. That said, I would prefer a consumption tax instead.