During my 30 years on Wall Street, taxes on “unearned income” have bounced up and down with regularity, and I’ve never detected any change in the appetite for hard work and accumulating wealth on the part of myself or any of my fellow capitalists.

During my 30 years on Wall Street, taxes on “unearned income” have bounced up and down with regularity, and I’ve never detected any change in the appetite for hard work and accumulating wealth on the part of myself or any of my fellow capitalists.

Slapping a catchy acronym like the JOBS Act on a piece of legislation makes it more difficult for politicians to oppose it - and indeed that's what happened with the Jumpstart Our Business Startups Act.

The largest number of jobs likely to be created by the JOBS Act will be for lawyers needed to clean up the mess that it will create.

To fix Social Security, we should first stop using the Consumer Price Index to adjust benefits for inflation. Using the C.P.I. overstates the impact of inflation and has also led to larger increases in benefits for Social Security recipients than the income gains of typical American workers.

As a beneficiary of the carried interest loophole, I've seen firsthand the lack of any difference between the work involved in generating a carried interest and the work done by millions of other professionals who are taxed at the full 35 percent rate.

Most troublesome is the legalization of 'crowd funding,' the ability of start-up companies to raise capital from small investors on the Internet.