not by as much as you’d think, for a bunch of reasons. 1/

* it hits all of investors’ equity alternatives at once, and they still have funds to invest. 2/

* investment is mostly a state function, private capital’s role is directing investment and bearing first loss. monetary, fiscal, and subsidy programs can ensure a sufficient overall level of investment, the pattern of equity investment is unaffected by the level of a profits tax 3/

* corporate profits taxes can and have historically been progressive, as an encouragement to and effective subsidy of startups and new entrants, if that’s a concern. /fin