The Benefit and The Burden: Tax Reform-Why We Need It and What It Will Take by Bartlett Bruce

Author:Bartlett, Bruce [Bartlett, Bruce]
Language: eng
Format: epub
Publisher: Simon & Schuster
Published: 2012-01-24T00:00:00+00:00

Chapter 15

The Problem of Taxing Capital Gains

Capital gains have long presented special problems for tax policy. The key quandary is that capital gains are not taxed until an asset is sold and the gain is realized. Thus the taxpayer decides if, when, and how to be taxed. Another is that unrealized capital gains held until death never pay the capital gains tax. When heirs sell assets, they are taxed as if the assets were purchased on the day they were inherited insofar as the capital gains tax is concerned. The third major problem is that capital gains are not indexed for inflation. Research shows that a substantial portion of realized gains represent only inflation, but are taxed as if they were real.

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