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Entrepreneurship and New Theories of Taxation of Equity–Based Incentives

Entrepreneurship is affected by the taxation of Equity–Based Incentives (EBIs), which are often used for compensation and incentive programs in entrepreneurial and intrapreneurial ventures. Similarly, the taxation of EBIs affects consumer savings, spending, corporate taxes, stock–market volatility, demand for money, and worker productivity. Hence, the nature of the tax system has important implications for capital formation, entrepreneurship,venture capital activities, and the government’s monetary policy and fiscal policy. This article introduces new theories of the optimal taxation of two classes of EBIs (incentive and compensatory EBIs) and also shows why EBIs/Employee Stock Option gains and losses should not be expensed.