Occasionally there are people that have a gift for predicting future crises before anyone is even aware there could be a problem. One such man is Arizona State University (ASU) law professor Adam Chodorow. It is noteworthy that someone has finally had the guts to bring attention to a possible adversity that could have catastrophic consequences to our tax base.
That unfortunate prospect is, of course, a possible Zombie apocalypse. In light of the recent dramatic increase in cannibal attacks, Professor Chodorow recent academic paper titled, Death and Taxes and Zombies, could not have come at a better time. I applaud the man’s brilliance and his proactive approach in a reactive world.
From the abstract –
The U.S. stands on the precipice of a financial disaster, and Congress has done nothing but bicker. Of course, I refer to the coming day when the undead walk the earth, feasting on the living. A zombie apocalypse will create an urgent need for significant government revenues to protect the living, while at the same time rendering a large portion of the taxpaying public dead or undead. The government’s failure to anticipate or plan for this eventuality could cripple its ability to respond effectively, putting us all at risk.
This article fills a glaring gap in the academic literature by examining how the estate and income tax laws apply to the undead. Beginning with the critical question of whether the undead should be considered dead for estate tax purposes, the article continues on to address income tax issues the undead are likely to face. In addition to zombies, the article also considers how estate and income tax laws should apply to vampires and ghosts. Given the difficulties identified herein of applying existing tax law to the undead, new legislation may be warranted. However, any new legislation is certain to raise its own set of problems. The point here is not to identify the appropriate approach. Rather, it is to goad Congress and the IRS into action before it is too late.
It is utterly irresponsible that our government has not even addressed the risk, let alone put into place any guidance in the tax code for such a contingency. American taxpayers should demand that the issue be addressed before the zombies are eating our brains.
It would indeed be an overwhelming ordeal if we were to face not only the cataclysmic disaster of a zombie outbreak, but also a financial meltdown unlike anything we have faced as a nation. Our elected officials need to tackle this terrifying possibility facing our great republic and the national dialog ought to reflect this fact.
The American people deserve better.
Please read the manuscript in its entirety to fully grasp the possible implications.