Mistax

If a rare transaction is mistaxed, taxpayers have an incentive to find it and exploit it.

That citizens would not be unrepresented, mistaxed, overlorded, or involuntarily impressed into military service put the country in a New World indeed.

More generally, the policy concern that the use of carried interests enables labor income to be mistaxed as preferential capital gain would not seem to depend upon how long a particular investment is held.