[nickff]

I agree that in a bull market, many corporations are not purchased and sold at book value. That said, we are on the largest bull-run in history, so we shouldn’t treat this as the norm, and base all our long-term decisions on the current situation.

[saghm]

So if I'm understanding correctly, your argument is that it doesn't make sense to make people who make more money pay the same rate of taxes as regular people do because we should ignore the fact that they've been doing it for longer than ever before?

[nickff]

I’m saying that we shouldn’t base our tax policy on a bubble. The dot-com bubble was treated like a solution to the federal deficit, and it wasn’t.