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Full-Text Articles in Law
Taxation Of Supernormal Returns, David Elkins, Christopher H. Hanna
Taxation Of Supernormal Returns, David Elkins, Christopher H. Hanna
Faculty Journal Articles and Book Chapters
In the last ten to fifteen years, a number of articles have been written on the differences between a normative income tax system and a normative consumption tax system, with much of the discussion focusing on the taxation of the risk-free rate of return and the risk premium from an investment. As is generally accepted, under certain assumptions an accrual income tax system taxes the risk-free rate of return on capital but does not tax the risk premium, while a cash-flow consumption tax system (or a wage tax system) taxes neither the risk-free rate of return nor the risk premium. …