Taxing capital, but right : why realized gains, not asset values, should guide tax policy

In the current discussions about how best to tax the wealthy, one question keeps coming up: Should taxes target the fluctuating value of assets or only profits realized from sales? This policy brief highlights the need for tax policies to focus on realized capital gains rather than just the value of held assets, adapting to the various factors driving asset price changes. It also suggests to tax gains from net rather than gross transactions and to reform end-of-life provisions such as basis step-up at death, thereby eliminating distortions in portfolio choice and tackling tax avoidance strategies like "buy, borrow, die."