Except the last time the rate was cut was in 2002 or so and it had the same effect. Globalization wouldn't affect it much because cap gains are cap gains, whether generated here or overseas.I'd like to see it myself. I just refuse to allow the premise that tax cuts cost the government money to stand unchallenged.
Some do, some don't. The cap gains tax cut always brings in more revenue than was supposedly lost. Tax credits for cash for clunkers and the like always end up costing more and do nothing to aid the economy.
Always ignores some simple facts like in the 1980's most people had 100% of their portfolio invested in domestic stocks and bonds. It would be fair to say historically it has generated more revenue than it cost. It would be foolish to ignore the globalization of investing and corporations and assume the same would be true going forward.