1. Like @tylercowen, I have great regard for @jasonfurman as a policy economist. But taxing unrealized gains is one of those ideas that can only sound great before you've reflected for 30 seconds . . .
https://twitter.com/CliffordAsness/status/1830583362337325388
2. Jason's first defense - that "linking taxation to realization encourages people to hold on to assets, [which] turbocharges the incentive not to sell and prevents capital from flowing freely to those who can make the best use of it" - is particularly strange . . .
3. Democrats have been complaining for years that stock trading is wasteful and should be taxed so as to promote "buy and hold" long-term investment. But now, apparently, the problem is the opposite- and so the rich should be taxed for long-termism.
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