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 --...

Even after a passage of the 2001 legislation, federal taxes as a share of gross domestic product will fall well within the narrow range that has prevailed since the end of World War II. The bill brought to light the danger of bifurcating the tax and expenditure sides of the budget, and conflicts...