I would like to add something briefly, if I may.
The research shows that the changes to the capital gains tax will have the biggest impact when people choose to act. Except in the event of death, this is a form of taxation whose timing can be controlled, that is, the timing of the sale can be chosen. When rates change, we see the impact when people act. For example, we suspect there will be more capital gains this year than last year, because people moved up sales so they could take place before the rate changed. Next year, there will probably be abnormally fewer.
Ultimately, we mostly see changes over time. Basically, people will sell their assets a little later to compensate for taxes that will be slightly higher. So if the asset is profitable, they may keep it a little longer, because the profitability will offset the additional tax. It may be possible to make the same amount of money from the sale of the same asset simply by selling it two or three years later.