Most budget items don't really impact the decisions people make.  For example, is anyone not enrolling their kids in a sport because they might or might not get a tiny part of the cost refunded come tax time?

Capital gains taxes are not one of those things.  The rumours banging around suggest a 50% jump in capital gains taxes has been considered.  That affects investment decision making about as much as the 20% border adjustment tax the US congress is considering.  Until these are settled, a lot of businesses and investors are going to be sitting on their hands.

If the government holds off on the tax hike, but leaves the impression it's on still on the table for next year, that would be almost as bad.