I see no mechanism whereby that tax change will have any impact on job creation. I will lose money. I will pay some more money because of this. None of my incentives have changed. They're still there. If I want to make more money, I will work harder to make more money. This capital gains inclusion increase will essentially add about a third—from 25% to say 33%—of what I will pay on money that is gained through capital gains by the retained earnings in my company. It will not affect any decision about whether I hire somebody or a research assistant or something, because I would be spiting myself to let it affect those decisions.
As far as investments in new kinds of industries go, what happens to our money? In other words, what happens to the wealth that people like me accumulate in our companies? Maybe one or two people put their money in local entrepreneurs and take a flyer on a daring investment, but that's not what most of us do. We buy stocks, bond securities and standard kinds of investments.
If we make money on those, the money we make on those is still taxed less than the money we make by the sweat of our brow working, and it's the same for salaried people. In the case of self-employed professionals with private corporations, frankly, I don't think anything we do has anything to do with creating new jobs. I just don't think that's how it works.