Again, Richard Green’s comment that academic blogs can be as much about service as they can be about self-promotion…

Rajiv Sethi brilliantly lays out the issues at play in the double taxation debate on capital gains. And while the comment zone on the inter webs is usually the Land of Untrammeled Stupidity, there is lots of smart and clarifying questions and commentary.

Drop what you are doing and go read.

Also, note his remark about my recent topic of interest:

None of this should be in the least bit surprising. Note, however, that if the corporate tax were to be eliminated today, there would be a sharp rise in the price of equities and current asset holders would enjoy a windfall gain. Similar issues arise with respect to the mortgage interest deduction: eliminating this would result in an immediate decline in home values, severely punishing those who purchased recently at prices that reflected the anticipated tax savings over the duration of the mortgage.