Subject: Re: In view of what's happening in Cali
"Sure, but not for shirts and goggles. They'll sell if they need the money - but they're not going to sell just to sell, or because the tax rate drops from (picks number) 32% down to 20%. They're still just better off holding unless there's some actual, exogenous reason to sell shares."

As Mark pointed out, even when they need money they rarely sell shares. They just use the shares as collateral for a loan. The shares increase in price faster than the interest on the loan compounds. That way they never have to pay anything in taxes.