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Taxation of Financial Products: Options for Fundamental Reform

9 Pages Posted: 22 Dec 2011 Last revised: 21 Jan 2012

Alex Raskolnikov

Columbia University - Law School

Date Written: December 1, 2011

Abstract

The following is testimony to the joint hearing of the House of Representatives Committee on Ways and Means and the Senate Committee on Finance. The testimony discusses three benchmarks for evaluating the taxation of capital income in general and financial instruments in particular, summarizes three broad-based approaches to reforming the tax treatment of financial products, evaluates the impact of other fundamental reforms on the urgency of reforming the taxation of derivatives, and urges Congress to encourage the IRS to make detailed tax return data available for empirical research of revenue costs and other losses arising from derivatives-based tax planning.

Keywords: taxation, derivatives, financial instruments, fundamental reform

Suggested Citation

Raskolnikov, Alex, Taxation of Financial Products: Options for Fundamental Reform (December 1, 2011). Tax Notes, Vol. 133, No. 12, 2011; Columbia Law and Economics Working Paper No. 415. Available at SSRN: https://ssrn.com/abstract=1975152

Alex Raskolnikov (Contact Author)

Columbia University - Law School ( email )

435 West 116th Street
New York, NY 10025
United States

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