That argument would work in an economic environment with high inflation, high interest rates, low overall rates of investment and a high capital gains tax. The

That argument would work in an economic environment with high inflation, high interest rates, low overall rates of investment and a high capital gains tax. The fact that we are currently operating under an environment with low inflation, low interest rates, too much capital floating around and a low capital gains tax rather suggests that it should actually be raised, and quite a lot at that. If raising capital gain actually did bring forward consumption then that would actually act as a form of economic stimulus (on top of filling up depleted state/city coffers), none of which would be unwelcome. Unless you're extremely wealthy.