I'm saying complexity will increase around untaxed or tax-privildeged flows, as in the large and growing legislative, regulatory and accounting activities aroun

I'm saying complexity will increase around untaxed or tax-privildeged flows, as in the large and growing legislative, regulatory and accounting activities around retirement accounts. Look up "back door Roth" for one example. In our case, computing our contribution limits (which change at least annually) is also nearly impossible. Just giving a break to long-term capital gains is enormously complicated. Check out "substantially identical securities" for an example. Or try handling wash sale adjustments if you trade the same securities at more than one brokerage. If you don't priviledge any flows, or let the economy route everything through the priviledged flows, it can be very simple.