Say you want to tax the rich and raise revenue for ambitious new spending programs. How should you do it?
s on the amount of tax people actually pay. When rates rise, taxpayers seek out tax deductions or exclusions, recategorize income as capital gains that are subject to a much lower rate, or defer income.
There are a few problems: First, it won’t raise much money. In part, that’s because only about one quarter of U.S. corporate stock is held by taxable shareholders, according to to replace the corporate income tax. And they confronted many of the challenges of taxing unrealized gains.Investors can avoid capital gains tax entirely by holding on to assets until they die. Not only does the estate tax exclude the first $11 million-plus in bequests but heirs also benefit from a feature of the tax code called the step-up basis. This allows an heir to avoid tax on any increases in asset values over a decedent’s lifetime.
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