The Urban Institute has published Taxing Capital Income, edited by Henry J. Aaron, Leonard E. Burman, and C. Eugene Steuerle:

The question of whether to tax income from wealth has sparked debate since our country’s inception. Does taxing capital income ensure the progressivity of our system or merely discourage saving? Would switching our tax code to one that taxes only consumption be more efficient or only burden middle- and low-income people? And if we were to radically reform the way America taxes its citizens, how could we ensure that vital revenue would not be lost? Some analysts would even argue that, under our present byzantine tax system, we don’t really tax capital income at all. In this volume, eminent economists analyze the problems associated with taxing capital income and propose policy solutions, which are then challenged by their peers in informed commentary. It may not settle the debate, but policymakers, scholars, and the public will find a wealth of information and ideas to consider.

• Part I:  Do We Tax Capital Income?
  • Chapter 1:  Does the United States Tax Capital Income?, by Joel Slemrod
    • Commentary by Reed Shuldiner & Jane G. Gravell
• Part II:  Should We Tax Capital Income?
  • Chapter 2:  Should Capital Income Be Subject to Consumption-Based Taxation?, by George R. Zodrow
    • Commentary by Alan J. Auerbach
  • Chapter 3:  Should We Eliminate Taxation of Capital Income?, by Eric Toder & Kim Rueben
    • Commentary by David Weisbach & Joseph J. Thorndike
• Part III:  Can We Tax Capital Income?
  • Chapter 4:  Designing an Income Tax on Capital, by Edward D. Kleinbard
  • Chapter 5:  Can Income from Capital Be Taxed? An International Perspective, by Julie Roin
    • Commentary by Paul Oosterhuis
  • Chapter 6:  Tax Planning under the Flat Tax, by Joseph Bankman & Michael Schler
    • Commentary by Edmund Outslay & George A. Plesko
• Part IV:  Concluding Comments by Henry J. Aaron, C. Eugene Steuerle & Daniel Halperin

For some of the reviewers’ comments, see below of the fold:

“The continued taxation of income from capital is under threat, both for theoretical and practical reasons, and may well be the most important tax policy issue addressed during the 21st century. This volume splendidly lays out in a clear, evenhanded manner the current state of knowledge about this topic: the empirical data on the taxation of capital income today; the theoretical arguments why it should or should not be taxed; and the pragmatic reasons why continued taxation may simply not be feasible. It is vital reading for anyone interested in this critical public policy issue.” —George K. Yin, Edwin S. Cohen Distinguished Professor of Law and Taxation, University of Virginia, and Former Chief of Staff, U.S. Joint Committee on Taxation, 2003–2005

“This book is filled with information and insights on a critical aspect of tax policy—a must read for anyone concerned with these issues.” —Michael Graetz, Justus S Hotchkiss Professor of Law, Yale University Law School