Tax the Ultrarich Without Throwing Out Realization: A conversation with Brian Galle

Send us Fan Mail Jeff and Scott chat with Brian Galle about his new paper, How to Tax the Ultrarich.  Most proposals that seek to tax the very wealthy differently eliminate the principle of realization, such as wealth taxes or mark-to-market regimes. These approaches carry considerable baggage, including liquidity problems, valuation problems, and related concerns. By contrast, Brian proposes a tax that eliminates some of the value of deferral, which would reduce the incentive to hold assets merely to delay taxation, but still only levies taxes upon realization.