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Reform U.S. Capital Gains Taxation à la Canada

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  • Kesselman Jonathan R.

    (Graduate Public Policy Program, Simon Fraser University Vancouver)

Abstract

Reformed taxation of capital gains could play an important role in a broader policy package to improve the simplicity, equity, and efficiency of the federal tax system. Constructive reforms for the United States would draw on Canadian provisions for taxing capital gains: a) eliminate the distinction between short-term and long-term gains, taxing both equally; b) use an average-cost basis for computing capital gains on all holdings of a security; c) apply a fixed tax inclusion rate for net capital gains; d) eliminate the $3,000 offset of taxable income for net capital losses; and e) adopt "deemed realization" of capital gains on death to facilitate quick abolition of the estate tax.

Suggested Citation

  • Kesselman Jonathan R., 2005. "Reform U.S. Capital Gains Taxation à la Canada," The Economists' Voice, De Gruyter, vol. 2(3), pages 1-7, August.
    • Handle: RePEc:bpj:evoice:v:2:y:2005:i:3:n:1
    DOI: 10.2202/1553-3832.1101
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