Fair Not Flat: How to Make the Tax System Better and Simpler

By Edward J. McCaffery | Go to book overview

INDEX
Terms in bold type are defined in the glossary.
“ability to pay,” use of term, 40–41, 87
after-tax dollars. See basis (after-tax dollars)
Andrews, William, 29–30, 58
appreciation. See capital appreciation (or built-in gain)
art, investment in, 150
Australia, death tax repealed in, 66
average tax rates, 78–84. See also rate structure (how much is paid)
Bakija, Jon, Taxing Ourselves, 45
base. See tax base (what is taxed)
basis (after-tax dollars): definition of, 30; under Fair Not Flat Tax, 103, 145; for gifts and inherited assets, 31; indexed for inflation, 37. See also carryover basis; preenactment basis; stepped-up basis
Bentham, Jeremy, 65
Birnbaum, Jeffrey, Showdown at Gucci Gulf, 47, 112
Blueprints for Tax Reform (U.S. Treasury), 46, 58, 97
borrowing. See debt and borrowing
Bradford, David, 58
Bradley, Bill, 46, 47
Buffet, Warren, 149, 152
A Bug's Life (film), 39
built-in gain. See capital appreciation (or built-in gain)
Bush, George H. W., 42, 52, 154
Bush, George W., 18, 25, 52, 62, 85
businesses: deductibility of expenses of, 13–14, 131, 137; Fair Not Flat Tax's impact on closely held and family, 148–50; taxes on, 95, 125–26, 139–40
California, death tax repealed in, 66
Canada, death tax and, 31, 66
capital: accumulation and power of, 151– 53; availability of, 38. See also investments; savings
capital appreciation (or built-in gain): buying of and borrowing against, 32– 34; death tax and, 31–32; income tax under realization requirement, 28—31; rate structure on realization, 21, 23– 24, 31, 49; repeal of tax on, under Fair Not Flat Tax, 92–93, 95, 97, 99, 105, 106, 119, 151; under Tax Reform Act of 1986, 47. See also investments
capital gains tax rate: under Fair Not Flat Tax, no need for, 92–93, 97, 99, 105–6; under flat-tax proposals, 52– 53; origins of, 30–31; Tax Reform Act of 1986 and, 47, 49
carryover basis, 30–31
Carter, Jimmy, 31
carve-outs, in death tax, 148
cash-flow taxs. See postpaid consumption tax
charitable contributions: art investment as akin to, 150; deductions for, 14, 89, 98, 130, 155

-171-

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Fair Not Flat: How to Make the Tax System Better and Simpler
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables and Figures ix
  • Acknowledgments xi
  • Introduction - Time for a Change 1
  • One - Tax Basics 9
  • Two - The Trouble with the Income Tax 27
  • Three - The Case for a Spending Tax 45
  • Four - Death to Death Taxes 62
  • Five - Progressivity Can Live 78
  • Six - The Fair Not Flat Tax 97
  • Conclusion - Toward Glass Teamwork, Not Glass Conflict 112
  • Questions and Comments on the Fair Not Flat Tax 117
  • Glossary of Key Terms 161
  • Further Reading 167
  • Index 171
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