My view is capital gains rates should be capped at some reasonable gain per year. So, for example, you'd pay the capital gains rate on the first 10% per year you earn on an investment. If you hold it 10 years, that would be scaled up appropriately (1.1 ^ 10). Then, once you make more than that, you'd pay regular income taxes.
That would avoid the issue of incentivizing gambling while not disincentivizing investment in the economy. Notably, it would also require founders of big tech companies to pay mostly income taxes, since their cost bases are so low (which I believe is appropriate).
Taxes should also probably be due on assets once they've been held for some period of time (say 5-10 years), whether they sell the assets or not. This would avoid the phenomenon where fantastically wealthy people borrow money against their stock holdings to avoid ever paying taxes, then use estate planning tricks to pass the money on to heirs.
That would avoid the issue of incentivizing gambling while not disincentivizing investment in the economy. Notably, it would also require founders of big tech companies to pay mostly income taxes, since their cost bases are so low (which I believe is appropriate).
Taxes should also probably be due on assets once they've been held for some period of time (say 5-10 years), whether they sell the assets or not. This would avoid the phenomenon where fantastically wealthy people borrow money against their stock holdings to avoid ever paying taxes, then use estate planning tricks to pass the money on to heirs.