This oneroustax on capital is a U.S. competitive disadvantage in the global economy, which is why Congress agreed in 2003 to cut the rates on dividends and capital gains.
Few suspected that the Tax Revolt, which began as a protest of an onerous state property tax, would end with the cutting of the top tax rate in the U.S. from 70% to 28% (and, together with a then-healthy dollar, ensuing excellent growth).