New York Times:  Some Analysts Doubt Dire Predictions on Tax Increase Fallout:

As anxious investors assess their portfolios in light of expected tax
increases on investment income, hedge fund manager Douglas Kass has a
simple message: Relax.

Mr. Kass, the founder of Seabreeze Partners Management, thinks much of
the investing world has overestimated how hard the markets and investors
would be hit if tax rates on dividends and capital gains rise at the
end of the year, as the White House has proposed.

Mr. Kass can look for support to several economists who have studied
past changes in tax rates and found that the shifts had less of an
impact on investor behavior than was initially expected. That’s largely because a dwindling number of investors are subject to
the taxes on investment gains that are set to rise at the end of the
year, with most stocks held in accounts that are exempt from taxes.

(Hat Tip: Ann Murphy.)