The article discusses a tax called the "transition tax" imposed in 2017 on accumulated corporate income. It questions the effectiveness and legality of this tax and suggests using it as a model to address deferred income in the US. The proposal recommends marking to market all taxpayer's property annually, with different tax rates for liquid and illiquid assets. This approach aims to create a fairer and more comprehensive tax system by including gains and losses in income each year. Deferring tax payment until property disposition may be allowed in some cases, but could incur interest charges.