Paul L. Caron

Wednesday, October 19, 2022

Gamage & Shanske: Phased Mark-To-Market For Billionaire Income Tax Reforms

David Gamage (Indiana; Google Scholar) & Darien Shanske (UC-Davis; Google Scholar), Phased Mark-to-Market for Billionaire Income Tax Reforms, 176 Tax Notes Fed. 1875 (Sept. 19, 2022):

Tax Notes Federal (2022)In this installment of Academic Perspectives on SALT, Gamage and Shanske advocate for phased mark-to-market as a mechanism for reforming the taxation of investment gains of billionaires and megamillionaires. ...

As the recent passage of the federal Inflation Reduction Act (H.R. 5376) demonstrates, one never knows when the stars might align for a policy proposal.

We hope the time will eventually come for fixing the problem of systematic undertaxation of the most wealthy that results from our flawed realization-based tax system. When that time comes, we think serious consideration should be given to phased mark-to-market as a mechanism for reform.

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