Introduction -- Acknowledgments -- Do we tax capital income? -- Does the United States tax capital income? / Joel Slemrod -- Comment / Reed Shuldiner -- Comment / Jane Gravelle -- Should we tax capital income? -- Should capital income be subject to consumption-based taxation? / George Zodrow --...

Previous theoretical analyses of the capital gains tax have suggested that investors have considerable opportunity to avoid the tax. Yet, past empirical work has found relatively little evidence of such activity. Using a previously unavailable panel data set with a very large sample of...