[EricBerglund]

The issue I have with framing it as spending vs investing is that the main issue with capital gains revolves around the super rich, not people making $200k a year.

Sure, a tax rate difference might influence Sally or Frank to spend or save, but Warren Buffet is not going to go on a billion dollar spending spree rather than invest his money if the capital gains rate goes up 5%.

I guess my question is what would the super rich do with their money other than invest it?