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Vol. 2026 · No. 187
Refreshed 8:10 am
Mon · Jul 6 · 2026
The stack 4 picks · curated
02
Marginal Revolution txt 3h

Capital gains can be labor income

Zwick and Zidar argue that much of the apparent decline in labor's share of income is a mirage of how people get paid: when employees are compensated in equity, the gains get taxed and counted as capital, not labor. Reclassify pass-through and stock comp and the labor-share story looks very different.