Billionaire Mark-to-Market Reforms: Response to Susswein and Brown

Abstract

Responding to arguments made by Donald B. Susswein and Kyle Brown, this essay explains why prominent billionaire income tax reform proposals would not result in double taxation, but instead would rectify the major flaw in the existing income tax regime that currently enables wealthy individuals and families to escape tax on most of their investment gains.

Keywords: Income Tax, BIT, Billionaire Income Tax, New York State Mark-to-Market Tax Act, Illinois Extremely High Wealth Mark-to-Market Tax Act, Babies Over Billionaires Act, Disney, Capital Gains

JEL Classification: K34