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Introduction When does the long run begin? As we will see, periods following a first period are considered part of the long run. Capital gains (measure of asset value increases), dividends (accruing to individual owners), interest income, and corporate profit, are forms of capital income. Returns to owning company shares include value changes and dividends. Note, capital gains (positive or negative) may be realised or unrealised - making optimal taxation uncertain. Taxes are compulsory or involuntary payments, without explicit quid pro quo. They are also a government's main source of fund, accounting for most non-borrowed revenue. Whilst direct taxation of capital gains is linked to income tax, they are considered separately. Capital income taxation is a major source of government revenue. In defining capital taxation's format, we should highlight the arbitrary treatment for nature and holder of assets. Whilst the arbitrary nature of capital taxation isn't atypical, the determination...

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