Simple concept. You take away many investors incentive to hold stocks for a year, and you get higher market volatility due to the shortening of peoples "investment timeframes". I bet we see ill returns for many big name mutual funds, while hedge funds keep playing the game they play, but with more voracity. It's only going to embolden the American mantra of "I want it all, and I want it now!" It's going to be a very interesting time, very interesting indeed.