Britain's government is determined to encourage wealth creation. Asking how much of the resulting wealth might support the government appears to require a considerably softer voice.

The BBC reports that Chancellor John Healey is minded not to increase capital gains tax before his October 28 Budget. The concern is that investors could leave or postpone asset sales, reducing receipts. This is a real constraint, not a fantasy invented by people who enjoy owning things.

It is also a striking form of political influence: the transaction that might not happen receives a hearing before the person who must keep earning a wage.

Make powerful people uncomfortable.
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Labour figures previously argued for bringing capital-gains rates closer to income-tax rates, describing a system that penalizes work. The government now emphasizes confidence, investment and profit. Apparently the confidence most urgently in need of restoration belongs to the people deciding when to realize a gain.

Tax design does involve behavior. The BBC cites HMRC estimates showing that some increases could lose revenue. An effective progressive tax policy must survive arithmetic; indignation is not a collection mechanism.

Still, notice the distinction in status. Wages arrive on a timetable. Capital can suggest it might be unavailable and immediately become the most sensitively handled item in the room.

The Budget has not yet been delivered. The suitcase has already secured excellent service.