"Some would argue that it is inherently unfair to tax “paper gains” before they are realized — Mr. Zuckerberg won’t receive $28 billion in cash; he holds only paper. Moreover, markets are inherently volatile; one year’s paper gains is another’s real losses. However, these arguments are far less credible when paper losses give rise to real tax refunds."

Wouldn't it be simpler and more consistent to get rid of these tax refunds, and have neither paper gains nor paper losses taxed or refunded, than to have a separate tax for gains and refund for losses?