Selon Tino Sanandaji, repris par James Pethokoukis, l’effet est évident : moins de taxes sur le capital = plus d’investissement.

 

Again we see a remarkably strong association between the capital gains tax and Venture Capital Investments. Following tax cuts in the late 1970s Venture Capital fund-raising explodes. The tax increase a decade later is followed by a decline in committed fund. Investments again increased when Clinton cuts the capital gains tax in the late 1990s. The Bush-tax-cut – which the left claims had no effect – is also followed by an uptick in Venture Capital investments as a share of GDP. …

Paul Krugman declared that there is “no evidence” that capital taxes have hurtful effects on economic activity and that “the economic record certainly doesn’t support the notion” that low taxes are beneficial for prosperity. Either our eyes and systematic empirical research are misleading us, or Paul is not being his usual trustworthy self.