Ya, certainly. I mean, I think the most regressive part of the system that almost nobody talks about is the fact that unrealized capital gains compound untaxed.

Ya, certainly. I mean, I think the most regressive part of the system that almost nobody talks about is the fact that unrealized capital gains compound untaxed. People focus a lot on the differential treatment of long term capital gains vs income, but I think that mostly misses the point. The real wealth building effect from capital gains comes from allowing them to compound completely untaxed for decades, if the gains are never realized. Unfortunately there's not any obvious workaround for that that doesn't have serious negative consequences.