This paper finds that capital and labor incomes in the United States have become more closely associated since the 1980s. This contributed to the well-known increase in the top 1 percent's share of total income, exacerbating rising inequality in capital incomes and earnings. The paper shows that...

Hill and Hill (2003) develop a seemingly ingenious GDP measure that includes capital gain. This paper proves that such measure is only a manipulation of the capitalization formula, that the measure is cost, not income, and that capital appreciation even raises the cost

In this article we tackle a fundamental problem in tax law: the resistance of the core concept of “income” to a coherent definition. It has long been recognized that there is a substantial gap between the formal definition of income adopted in 1955 by the Supreme Court in Commissioner v....