Our governor’s 5 percent capital gains tax proposal on the “rich” to fund schools sounds good in theory. The theme is the “rich” can afford it and should pay more. That plays real well in the press.
The problem with theory is that is does not meet reality. First, capital gains income varies from year to year depending on the stock market. When the market goes down, as it always does over time (remember 2009 when it dropped from 14,000 to 6,300), there was no capital gains income to report. No gains, no revenue. Then what, governor?
Second, the “rich” have an …