McCain is contemplating one, apparently. Now, I’m not one to oppose any tax cut, but have to admit I’ve been a bit confused by Republicans who have been talking about cutting capital gains taxes as a response to the current problems in the financial markets. Not to state the obvious, who has capital gains in this market? Who has gained money on real eastate? Their stock portfolio? As far as I can tell, the problems people are dealining with stem from excessive capital losses. I suppose the theory is that by lowering taxes on capital gains and dividends, it would motivate more people to invest in the market and thus get capital flowing, but in an environment in which the market still tanks after a 50 basis point cut that brings the fed funds rate down to 1.5 percent, it’s hard to imagine lower capital gains taxes would make those investors more willing willing to put their money into investments they consider risky.