Fixing Capital Gains at the Core


Eligibility for the lower capital gains tax rate is now broader than it should be. Capital gains originally meant amounts that were credited to the capital or corpus account. Capital gains were still capital or wealth and not available to income beneficiaries for consumption. The primary policy justification for the lower rates is to unlock old capital so that it can be reinvested, which presupposes that the gains will not…
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Andrews & Kurth Centennial Professor of Law, University of Texas at Austin - School of Law, USA
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