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If capital spending growth reverts to its 1973-1995 trend , GDP growth would fall by roughly 0.5 percentage points . I believe both sides will benefit if capital and technology from the South are combined with labor in the North . For example , if capital account convertibility is restricted or limited and convertibility on the current account is allowed , a two-tier currency market will be either formally or informally established . The capital gains tax that a very high-income individual in the 39.6 percent tax bracket pays is only half what this individual would pay if capital gains income were taxed like other income . The top income groups would be shown to have received much larger average income gains in 1995 if capital gains income were included . But this can be achieved only if capital , technology , know-how , and high-quality personnel freely and willingly flow into Japan .