If we raise capital gains taxes, it disproportionately hurts wealthy people as well.
They are the folks who create jobs after all, so when we bring in less revenue, everyone suffers.
Which is more important, fairness or revenue?
I would say actually neither, directly. What is most important is a thriving economy, which benefits everyone. I think we agree on that. Apparently the effect of the capital gains tax on the economy is unclear, or so the economists* tell us. What is clear is who it benefits/harms.
*btw, don't you also agree that in general economists differ, don't know what they're talking about, are full of unverifiable opinions and the like. If only economics worked, we'd have less disagreement, I think.
My goal with economic policy is not fairness for its own sake, but what benefits the economy as a whole. Right now the economy is tanking. Although it's hard to tell all of the reasons, I think it's reasonable to conclude that Bush administration policies were at least a contributing factor. What I'm more worried about is the long term impact of accumulating more and more debt with no plan to pay it off. Eventually the bill comes due.
I don't have a problem with cutting taxes; I think it's great. But for every tax you cut, you need to show me what spending program you're going to cut.
I don't have a problem with some government programs, if they look like a good long term investment. But for every program you want to institute, you need to show me what tax you're going to raise to pay for it, or how it is going to pay for itself in the reasonable future. What I have a problem with is Bushonomics; cutting taxes while increasing spending. It's fun, but it doesn't work in the long run. And that is why I don't think reasonable people can support the Republican party anymore. Maybe once upon a time, but not since they've lost their collective minds to the neo-cons and religious nuts.