THE CASE FOR HEAVIER CAPITAL GAINS TAXATION,
Abstract
Unless tax policy is evaluated not only from a short-run macroeconomic fiscal policy standpoint but also from a longer-run microeconomic policy standpoint that considers taxation's effects upon equity and resource allocation efficiency, federal taxation's unnecessary excess burden will become no lighter and may grow heavier. This paper attempts to redress the balance of the current federal personal and corporate income tax reform discussion, which has paid minimal attention to the case for heavier capital gains taxation. It reviews the capital gains tax policy literature, argues that present tax law's special treatment of capital gains and losses (compared with its treatment of ordinary income and loss) is not justified, and offers specific recommendations for taxing capital gains more heavily. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Aug 21, 1969
- Accession Number
- AD0694929
Entities
People
- Roger Nils Folsom
Organizations
- Naval Postgraduate School