Bruce Bartlett, “Why the capital gains tax rate should be zero” (National Center for Policy Analysis Policy Report No. 245, August 2001). Bruce Bartlett argues that capital gains are not income. We agree, except when these gains are consumed.
Daniel J. Mitchell, “Making American Companies More Competitive (American Heritage Foundation Backgrounder #1691, 2003). Daniel Mitchell argues for a territorial tax regime. The problem is that it encourages overseas investment where the corporate income tax is lower.
Richard Dobbs and Werner Rehm, “The Value of Share Buybacks,” McKinsey Quarterly 3 (2005). American corporations have been buying their own stock in order to change other forms of income into capital gains.