To sustain a standard of living, financial capital must substitute for the depreciating human capital. Yet capital gains taxes prevent the accumulation of such capital, and we all know what happened to governments' promises of social security benefits, medical care and IOUs. The recommendations above assume that politicians want the country to prosper, which is obviously not true. It is not true in Canada, and it is not true in other countries. It is not true now, and it was not true in the past - speeches to the contrary notwithstanding.
Words are cheap.
Politicians want to get to power and stay there, claims about a democracy's ability to prevent this from happening notwithstanding. The evidence is clear-cut. Mexico, for example, is a democracy on paper. But one party has ruled for 70 years, and 95 percent of the people were poor and stayed poor. The way politicians and an establishment manage to achieve this, yet pay lip service to democracy and citizens' welfare, has been by controlling financial markets either directly through regulations, or indirectly through taxes.