March 17, 2013
Miller: An Economic Model for the Taxation of Derivatives
David S. Miller (Cadwalader, New York), Toward an Economic Model for the Taxation of Derivatives and Other Financial Instruments, 3 Harv. Bus. L. Rev. 108 (2013):
On January 24, 2013, Congressman Dave Camp (R-MI), the Chairman of the House Ways and Means Committee, released the discussion draft of a bill that would tax derivatives under a mark-to-market system of taxation. This truly Copernican proposal would replace our entire federal system of taxing derivatives with a radically different but infinitely simpler model that would finally correspond to economic reality. If it were enacted, it would represent the most significant change in the history of our federal tax system. But, by shattering the realization paradigm, the Camp proposal suggests the possibility of something even more revolutionary: a fundamental reformation of our entire concept of taxable income.
TrackBack URL for this entry:
Listed below are links to weblogs that reference Miller: An Economic Model for the Taxation of Derivatives:
why doesn't Mr. Miller pull a Kleinbard and join the academy? He seems to be more productive than most tax professors (including this one).
Posted by: andy | Mar 17, 2013 10:05:43 PM