All tax theorists recognize that capital gains taxes ought to apply only to real gains; that is, those that are adjusted for inflation. This has never been the case in American history. As a consequence, a considerable portion of inflationary gains have been taxed as if they are real, according...

The core problem of both the Great Depression and the 2008/2009 economic crisis was deflation. A review of the Great Depression examines the long, slow intellectual and political process that finally led to a correct understanding of how deflation arose and the difficulty of addressing it with...

The Federal Reserve's policies have large and growing fiscal effects that most tax analysts are unaware of. For example, its deposits to the Treasury amount to almost 4 percent of federal revenues. And in the National Income and Product Accounts, the Fed accounts for almost 25 percent of all...