Ira Stoll on the Capital Gains Tax Rate

The founder of the Vanguard group of mutual funds, John C. Bogle, who says he is a lifelong Republican, is calling on Congress to raise capital gains taxes to the rates that apply to ordinary income. "As a general policy, equalize the taxes, raise the taxes on capital gains," Mr. Bogle said earlier this month in an interview with Bloomberg Television's Betty Liu. Mr. Bogle has a lot of wisdom about investing, writes Ira Stoll, but on the question of capital gains, he's wrong.