Evaluate proposal from view point of haig-simons criterion

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Question: Under current law, if your capital losses exceed your capital gains, you can deduct as much as $3,000 of losses against other forms of income. In the wake of massive declines in the stack market, in 2002 several members of Congress suggested that this $3,000 figure be increased to $5,000. Evaluate this proposal from the viewpoint of the Haig-Simons criterion. That is, would the proposal lead to an income tax base that is closer to or farther from the Haig-Simons ideal than the status quo?

Reference no: EM131490621

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