Article: Don't Be Like Mike: What Kinsley & Co. fail to grasp.(capital gains tax)

Over the past two decades, much has changed in the world of economic thought. But one phenomenon remains safely predictable: Ask a lefty about capital-gains taxes, and you are virtually certain to get a wrong answer.

Michael Kinsley is one of the worst offenders. Formerly editor of The New Republic and now editor of Slate, Kinsley has been writing tirades against capital-gains tax cuts for as long as anyone cares to remember. His columns are characterized by 1) great fervor and 2) imperviousness to evidence. He charges, for example, that this "tax break" enriches only America's yacht owners; that a rate cut would cost the Treasury $75 billion; that the ...

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