> A %12 tax is relatively mild Strong disagree. 12% is halving value in 5 years. A tax that steals half of the asset over 5 years is not "mild". The tax makes

> A %12 tax is relatively mild Strong disagree. 12% is halving value in 5 years. A tax that steals half of the asset over 5 years is not "mild". The tax makes a mockery of any reasonable multiyear plans. It's okay to say screw retirement savings, but be honest exactly what is being said. Investing often talks about percentage points because small differences in returns matter. 12% is two orders of magnitude bigger - it's significant. 1% really matters - which you would know if you were involved with finance or had a variable rate mortgage.