Mark-to-mark taxation of capital gains is not practical. Taxing unrealized gains at death is.
Share to linkedin... [+]a morning-long program on market-to-market taxation of capital gains.
Taxing the rich has, of course, generated an enormous amount of attention in recent months, largely driven by ambitious proposals of Democratic presidential hopefuls Elizabeth Warren and Bernie Sanders.a mark-to-market tax regime where the highest-income 1 percent of households would pay tax on any increase in the value of their assets over the course of a year, even if they don’t sell those assets. Sen.
who could be subject to the mark-to-market taxes of Warren or Wyden. Even if they did, the IRS still would be challenged to keep up with the tax planning of the wealthy.There are better ways to tax accumulated wealth: Tax all accrued capital gains once, after the death of the owner of those assets, rather than annually. And replace today’s estate tax with a new inheritance and gift tax that would apply to every bequest over some minimum. are entirely exempt from federal estate taxes.
An inheritance tax also could create cash flow problems for some heirs, who might have to sell assets to pay tax. But most could be protected by an exemption of, say, $1 million or $2 million. Taxpayers also could be allowed to pay the tax over a period of years. that taxing inheritances in excess of $1 million at 35 percent or at the heir’s marginal income tax rate plus 15 percent would raise about $565 billion over the first 10 years.
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