In summary, CXO Advisory Group found no connection between the maximum U.S. capital gains tax rate and U.S. stock market returns, and no relationship between changes in the maximum capital gains rate and stock returns.
This would surely make companies like Microsoft sweat, whose application software (Microsoft Office) has been the bastion for the company so far, contributing the maximum value to its stock.
For first time founders, who Harris says often struggle with understanding the maximum value of the dangling carrot of stock options, he laid it out quite simply: the standard drill is a one year cliff for new employees after which stock options can begin to vest monthly or annually.