There is a difference, though: Unlike angel tax credits, which haven't proved to spur business formation, lower income taxes would create more opportunities for angel investors, so the overall level of investment might rise.

WSJ: Do Angel Investors Deserve Tax Credits to Invest in Small Businesses?

In general, is a differential between cap gains taxes and personal income and corporate rates a spur to capital formation and entrepreneurship?

FORBES: Shoot At Schwarzman, Hit You