Thank you for the clarification! Somehow I didn't see that detail in an article I read about Biden's plans. And yes, I generally agree with your last paragraph

Thank you for the clarification! Somehow I didn't see that detail in an article I read about Biden's plans. And yes, I generally agree with your last paragraph. But that said, it is worth noting that taxes on normal income do discourage people from making money. (I'm not saying this to support a reduction in income tax, just as an interesting note.) So I think it is worthwhile to consider incentives. For example, income at x%, short term cap gains at x+10% and long term cap gains at x-5%. Of course, if you really want to go all the way regarding fairness and incentives, you'll tend towards entirely different systems (Georgism, for example)