Financial assets are an investment in the future; tangible assets are an investment in today. Driving money out of investments for future growth into tangible assets hurts economic growth and retards long term thinking, a hallmark of both a civilized society and economic growth.
Not only is the enjoyment from tangible assets not taxed, it is not considered when we measure the equality of income distribution in America. This is why there was a growth in income inequality after the Reagan economic revolution, and this is also why it was not a bad thing.
If Obama and the Congress succeed in raising taxes and igniting inflation we will see a shift back to tangible assets at the expense of a growing economy. He will have succeeded in reducing income inequality and we will all be worse off for it.