Over its entire life, the Internal Revenue Code (like other tax systems) has never tried to tax economic income as such, because of the administrative and liquidity problems that arise from taxing any combination of values consumed and from appreciation (or depreciation) of capital stocks. Instead, the common practice limits tax occasions to a realization of income from sale or other disposition of property. Even then, if the proceeds of the transaction are not cash or marketable securities, as with many corporation reorganizations, taxation is deferred until these assets are converted in cash or marketable securities.Any effort to eliminate these twin filters by taxing income—and income regardless of realization—will overburden government agencies and private taxpayers, while reducing economic activity. A wealth tax scores even worse by these welfare measures, creating massive problems of evasion and enforcement that will reduce capital formation across the board in the effort to transfer wealth from the ultra-rich to everyone else. A simple tax structure with affordable rates is the only path to economic prosperity.

中文翻译：

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根据《内部税收法》实现和认可

在其整个生命周期中，《国内税收法》（与其他税收制度一样）从未尝试对经济收入本身征税，因为对任何消费价值组合和资本增值（或贬值）征税会产生行政和流动性问题股票。相反，通常的做法将纳税场合限制为出售或其他财产处置收入的实现。即便如此，如果交易的收益不是现金或有价证券，就像许多公司重组一样，税收也会被推迟，直到这些资产转换为现金或有价证券。任何通过对收入征税来消除这些双重过滤器的努力——无论收入如何的实现——将使政府机构和私人纳税人负担过重，同时减少经济活动。这些福利措施使财富税的表现更加糟糕，造成了巨大的逃税和执法问题，从而全面减少了将财富从超级富豪转移到其他所有人的资本形成。简单的税收结构和可承受的税率是经济繁荣的唯一途径。