It is often argued that a lower tax rate on capital gains encourages risk-taking and entrepreneurship, thus promoting growth, while high capital gains taxes create an inefficient “lock-in” effect. Burman and Moynihan (2011) show' that 94% of the value of capital gains tax breaks in the United States benefit the top quintile. They consider that, since capital losses are often supported by the government (in the form of reduced taxes), capital gains should be taxed.