If capital is to be taxed less, then labor must pay more

Another letter to the editor of the Wall Street Journal that they won't print:

Your editorial today, "Reform at home...," stated your opinion we have a tax code "that over taxes savings and investment." You imply, unless deficits are to grow indefinitely, that something else is under-taxed. Since you also support lowering income taxes for the wealthy, where will you make up the difference? The answer is clear: to extinguish the massive Republican budget deficits without over-taxing savings, investment, and wealthy incomes, you must tax what is left: the wages and salaries of the less than wealthy. If capital is to be taxed less, then labor must pay more. Why not be honest about it?