eliminate the distinction between capital gains and ordinary income from the tax code.

The current tax code favors earnings from capital over earnings from labor by taxing capital earnings at a much lower rate overall than earnings from labor. This policy promotes wasteful use of capital and discourages supply of labor. Employers have great difficulty finding qualified workers, at least in part, because those who would otherwise be qualified workers are attracted to investing capital rather than working for a living. There was a time in this country when development from investment of capital, such as investments in energy, transportation, and information infrastructure, was sorely needed. That need has diminished, and the pressing need today is to create jobs and to supply qualified labor for employers. We must first remove this distortion from the tax code.