Karl Marx: Capital, Vol.3, Chapter 52: Classes: Weekend Reading

These two are Equitable Growth's not-so-secret but very powerful intellectual weapon on issue of public finance: Greg Leiserson and Will McGrew: Taxing Wealth bu Taxing Investment Income: An Introduction to Mark-To-Market Taxation: "The sharp increase in U.S. wealth inequality in recent decades has spurred interest in increasing taxes on wealth. This issue brief introduces mark-to-market taxation, one approach to raising taxes on wealth by reforming the taxation of investment income.1 In a system of mark-to-market taxation, investors pay tax on the increase in the value of their investments each year rather than deferring tax until those investments are sold, as they do under current law. This issue brief first defines investment income and explains how mark-to-market taxation works. It then reviews the revenue potential of this approach to taxing investment income, explaining why a mark-to-market system can raise substantial revenues. Finally, it summarizes the distribution of the burden that would result, which would fall overwhelmingly on wealthy individuals...

#noted #2019-11-22