Leonid Levin (Faculty Homepage, NAS page).
Executive Summary of the article
"Taxation and Valuation" (Tax Notes Federal, 164(7), 2019) :

I explain the root of persistent failure of efforts to remove tax-induced distortions of economic incentives. It lies in the fundamental impossibility of objectively evaluating the tax base. Distortions can be entirely avoided in the sector of publicly traded corporations. Evaluation can be bypassed by taxing that sector in shares (to be auctioned) rather than in cash.

Stock capital includes cost basis (B) and unrealized gains (G). Gains are presently tax-deferred until realized in shares trade or dividends. The deferral is remedied by corporate income tax (rate t). Below, i is the variable interest rate on special constant value "cv-bonds".

The proposed system replaces (1) corporate income tax - with interest on the deferred G*t, and (2) investors dividends and capital gains taxes - with interest on B*t. To collect both, IRS will periodically take to auction a fraction i*t of publicly traded shares outstanding to the private sector.

Note, (2) is a neutral simplification: Investments can be split into B(1-t) stock and B*t cv-bond portfolios. Bond interest buys back the auctioned respective shares, and tax-free divestment matches the original yield. Note too, stock and cv-bonds portfolios of equal value yield equal tax.

The system's main feature is that nothing companies and investors do can change their tax (fraction i*t of shares), so business decisions would be exactly the same as without taxes. No longer would taxes on dividends and capital gains impede capital flow, companies would forget the bewildering maze of tax laws, regulations, and precedents, and Congress would still collect the same revenue it now does.

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