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The Feasibility Of Adjusting For Inflation In Computing Taxable Income, Dwight Drake
The Feasibility Of Adjusting For Inflation In Computing Taxable Income, Dwight Drake
Washington Law Review
This Comment discusses the effect inflation (and deflation) has upon the measurement of taxable income, concluding, in short, that the present standard of measuring income for income tax purposes would be much more equitable if, instead of focusing solely upon the number of dollars received, it accounted for changes in the value of the dollar (as measured by a price index or price indices) by considering the purchasing power of the dollars received. In times of high inflation and in more stable times as well, this new standard for measuring taxable income would have a profound impact on the relative …