My point is that all three factors of production should be taxed equally: land, labor and capital. I don't like any preferences built in the tax code at all.
Greenspan is a Monetarist, or as I like to call them, Keynesian-Lights. I don't care for his monetary policy at all. And when he talks about fiscal policy, he is overstepping his authority.
I could find a quote where Greenspan doesn't blur the line between tax on capital and tax on capital gains if you like. But it is clear from the context that he is only talking about tax on capital gains.
Bwahahaha.
The best tax is that which distorts the least. Any system of taxation that is based on income, particularly at the corporate level, shoots hte US in the foot in the world market. We can thank the WTO for that. See an article written by Gary Clyde Hufbauer of the Institute of International Economics, here: http://www.iie.com/publications/opeds/oped.cfm?ResearchID=197
Then Google:
HR 4520, The American Jobs Creation Act of 2004.
For historical perspective, Google: Domestic International Sales Corporation (DISC), Foreign Sales Corporation (FSC), and Extra-territorial Income Exclusion (ETI). You should find a 30 - 35 year trade war history...all borne of the stupidity of our corporate net income tax.
Any system of taxation that is based on income is self-defeating sophistry. You can proclaim the need to tax capital from the mountaintop, the roof top, the counter top.....it doesn't change the fundamental economic fact that ALL taxes are paid by people.......not capital.