Also taxes have been all over the place in past 40 years. First there were no IRAs or 401ks that long ago. (But you could defer taxes in an annuity, never-sold

Also taxes have been all over the place in past 40 years. First there were no IRAs or 401ks that long ago. (But you could defer taxes in an annuity, never-sold stock, or carry-forward housing basis) Long term capital gain taxes were only lower than short term during half that time. So the wisdom is: tax law will change again. Take advantage of what you can now.