The merits of capital levies depend on the likelihood of repetition, the extent of anticipation, and its effects on … preexisting capital are effectively compensated through higher net-of-tax returns due to repeal of the income tax. The analysis is … transitions and assessing the optimality of capital taxation in the long run …

justifications for social security and policies toward the taxation of capital. It is important, however, to account for labor supply … greater reliance on capital rather than labor income taxation be attractive because collections are in the future rather than … existing tax. Both social security and capital taxation may cause labor supply to rise or fall when individuals are myopic …