Reform U.S. Capital Gains Taxation à la Canada

Kesselman Jonathan R.
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Kesselman Jonathan R.: Graduate Public Policy Program, Simon Fraser University Vancouver

The Economists' Voice, 2005, vol. 2, issue 3, 7

Abstract: Reformed taxation of capital gains could play an important role in a broader policy package to improve the simplicity, equity, and efficiency of the federal tax system. Constructive reforms for the United States would draw on Canadian provisions for taxing capital gains: a) eliminate the distinction between short-term and long-term gains, taxing both equally; b) use an average-cost basis for computing capital gains on all holdings of a security; c) apply a fixed tax inclusion rate for net capital gains; d) eliminate the $3,000 offset of taxable income for net capital losses; and e) adopt "deemed realization" of capital gains on death to facilitate quick abolition of the estate tax.

Keywords: capital gains tax; tax reform; consumption taxation (search for similar items in EconPapers)
Date: 2005
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DOI: 10.2202/1553-3832.1101

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