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Do we now collect any revenue from taxing capital income? |
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| Authors: | Roger Gordon Laura Kalambokidis Joel Slemrod |
| Affiliation: | a Department of Economics-0508, University of California, San Diego, 9500 Gilman Drive, La Jolla, CA 92093-0508, USA b Department of Applied Economics, University of Minnesota, 231 Classroom Office Building, 1994 Buford Ave., St. Paul, MN 55108-6040, USA c University of Michigan Business School, 701 Tappan Street, Ann Arbor, MI 48109-1234, USA |
| Abstract: | The U.S. income tax system has long been recognized as a hybrid of an income and consumption tax system, with elements that do not fit naturally into either pure system. What it actually is has important policy implications for, among other things, understanding the impact of moving closer to a pure consumption tax regime. In this paper, we examine the nature of the U.S. income tax system by calculating the revenue and distributional implications of switching from the current system to one form of consumption tax, a modified cash flow tax. |
| Keywords: | Capital income taxation Cash-flow taxation R-base tax |
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