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Generalized Cash Flow Taxation
Alan J. Auerbach
University of California, Berkeley - Department of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
David F. Bradford
Princeton University, Woodrow Wilson School; NBER; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
February 2001
NBER Working Paper No. w8122
Abstract:
We show the unique form that must be taken by a tax system based entirely on realization accounting to implement a uniform capital income tax, or, equivalently, a uniform wealth tax. This system combines elements of an accrual based capital income tax and a traditional cash flow tax, having many of the attributes of the latter while still imposing a tax burden on marginal capital income. Like the traditional cash flow tax, this system may be integrated with a tax on labor income. We also show how such a tax can be supplemented with an optional accounting for a segregated subset of actively traded securities, subjected separately to mark-to-market taxation at the uniform capital income tax rate, to permit a fully graduated tax system applicable to labor income.
Number of Pages in PDF File: 39
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Date posted: February 9, 2001
Suggested CitationAuerbach, Alan J. and Bradford, David F., Generalized Cash Flow Taxation (February 2001). NBER Working Paper No. w8122. Available at SSRN: http://ssrn.com/abstract=259429
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