I don't understand how inflation and risk wouldn't/aren't priced in. You have $1000. You can: put it in your mattress, put it in 'safe' treasury bonds at inflation +a few percent, or yolo it in NVIDIA. Yes if bonds are returning less than inflation you don't buy them and that makes financing more expensive but it's not somehow unfair vs the other things you could do with capital.
Seems like return is roughly proportional to risk(1-tax)investment so changing tax should affect everything proportionally (barring cheating/avoiding the system in some way).
Seems like return is roughly proportional to risk(1-tax)investment so changing tax should affect everything proportionally (barring cheating/avoiding the system in some way).