Harvard scholar calls for prompt taxation of metaverse earnings
A Harvard scholar argues that the authorities should swiftly introduce taxation on Metaverse earnings to potentially enhance governmental revenue streams. In a recent research paper titled “Taxing the Metaverse”, Harvard legal scholar and Yeshiva University law professor Christine Kim has put forth a compelling argument advocating for extending traditional tax principles to the burgeoning metaverse. The paper explores the metaverse’s capacity to foster wealth creation within its ecosystem, a phenomenon that she believes should be brought under the purview of existing tax codes. She further notes that the economic activities within the metaverse align with the established Haig-Simons and Glenshaw Glass definitions of income, warning that excluding it could transform the metaverse into a tax haven. Recent statistics reveal a surge in metaverse spending, which has already eclipsed $120 billion. Projections indicate that it might escalate to a staggering market value ...