Bill Gale talks about what is wrong with our income tax and how to make it right. He also explains what happens when death and taxes square off (spoiler alert: it doesn’t go well for the income tax). Gale describes simple measures—and some not so simple—that we can take to make our tax system work better for all of us. Find out what the “Angel of Death” tax loophole is and why it makes the tax law both unfair and inefficient. Gale also discusses how mark-to-market taxation could help us all cheat death, making the income tax more equitable while boosting economic growth.

Gale’s pencil question is about the tax treatment of churches.