Jason Furman thinks the Biden Administration’s soon-to-be proposed minimum tax is a good idea.  We can’t think of any reasons why. Administratively, it will be a nightmare of complex accounting, valuation, and litigation.  From the marginal point of view, they included wages and investment income into the tax base, but it will still create scenarios where the effective rates are outrageously high on America’s family-owned businesses.  There’s the role inflation will play in forcing business owners to pay tax on imaginary gains.  There’s the issue of exactly what we are taxing – capital – the life blood of our economy, … Continue reading Taxing Unrealized Gains Still a Bad Idea