DISAPPOINTED EXPECTATIONS AND TAX REFORM

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Abstract
Tax reforms affecting existing investments and other commitments often are opposed as retroactive but in most cases more correctly may be held to impair vested interests in preferential tax treatment. Protection of some vested interests can be supported on grounds of formal justice and economic expediency. Ten questions are suggested to help distinguish between more and less meritorious claims. To varying degrees, partial enactment of reform proposals or their acceptance with transition provisions can combine the gains from reform with selective protection of vested interests. Grandfathering has advantages over other transition measures.

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