Saving Taxes Through Capital Gains

"From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.

Few issues in tax policy are as divisive as the capital gains tax. Should capital gains--the increase in value of assets such as stocks or businesses--be taxed at all? If so, when should they be taxed--when they are earned, or when they are realized? Should taxes be adjusted for inflation? And should gains be taxed at both the individual and corporate levels? In this book, Leonard Burman cuts through the political rhetoric to present the facts about capital gains. He begins by explaining the complex rules that govern the taxation of capital gains, examines the kinds of assets that produce them, and the factors that can lead to gains or losses. He then reviews the effects of capital gains taxation on saving and investment and considers the arguments for and against indexing capital gains taxes for inflation, as well as other options for altering the current system.

A complete, authoritative guide to taxation of stocks, mutual funds and market-traded stock options.

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Few issues in tax policy are as divisive as the capital gains tax. Should capital gains--the increase in value of assets such as stocks or businesses--be taxed at all? If so, when should they be taxed--when they are earned, or when they are realized? Should taxes be adjusted for inflation? And should gains be taxed at both the individual and corporate levels? In this book, Leonard Burman cuts through the political rhetoric to present the facts about capital gains. He begins by explaining the complex rules that govern the taxation of capital gains, examines the kinds of assets that produce them, and the factors that can lead to gains or losses. He then reviews the effects of capital gains taxation on saving and investment and considers the arguments for and against indexing capital gains taxes for inflation, as well as other options for altering the current system.

Over the years the topic of capital gain preferences has been thoroughly debated. Discussions range between whether the tax rates on capital gains should be raised, reduced, or repealed. Other discussions have centered on whether capital gains has an effect on the economy, and if so, how the research supports those assertions. It would be difficult to cover all aspects of the issues associated with capital gains taxes in one article; therefore this discussion will focus on capital gains as applied to individual income taxes.The capital gains tax has been criticized for the questionable effect it has on the economy but one of the reasons the capital gains tax has not generated more revenue is because of tax policy. Congress has created, and continues to create, policies that encourage holding capital property for long periods of time. As such, when taxpayers hold capital property longer, revenue is delayed or denied to the federal government. This is just one of the ways the capital gains tax has been a mechanism to shift wealth to the wealthiest taxpayers. Another example of the gross inequities is revealed in the income tax implications of the capital gains tax when property passes through an estate. When capital gains property is transferred through an estate, the inherent gain is completely eradicated. This paper offers proposals to reform tax policy and address some of the inequities to move towards a more balance approached in tax policy. The proposals in this article are specifically designed to reallocate capital gains preferences to shift certain benefits towards the middle and lower class, phase out certain preferences and eliminate preferences that only benefit the wealthiest taxpayers.

Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.