… but capital-gains taxation does. The Fraser Institute’s Jason Clemens, Charles Lamman, and Matthew Lo eloquently explain how capital-gains taxation hampers economic growth.  A slice:
Capital gains taxes also affect an entrepreneur’s ability to attract managers from traditional business sectors. Start-up firms cannot typically offer salaries that are competitive with established businesses and therefore often recruit managers using equity stakes. Capital gains taxes reduce the returns that these managers receive, thereby diminishing the likelihood that start-ups will be able to attract the talent that growth requires.