Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Plans To Hike The College Endowment Tax Are Not What You’d Expect
Chronicle of Higher Education, Plans to Hike the College-Endowment Tax Are Taking Shape. They’re Not What You’d Expect.: Amid the deluge of executive orders, budget slashes, and confirmation hearings that has typified the Trump administration’s first 100 days, there’s one pending legislative matter that some college leaders are eyeing with particular anxiety: a possible endowment-tax…
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WSJ: The IRS Money Hole Gets Deeper
Wall Street Journal Editorial, The IRS Money Hole Gets Deeper: The Internal Revenue Service can’t write its own checks, which means it has to ask Congress for funding like any other agency. But if lawmakers have been tracking its misspending, they’ll turn down the tax collectors’ new $104 billion budget request and demand an audit…
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New CBO Report Confirms Reduced Inequality And Increased Progressivity Of Federal Tax System
Following up on last month's post, The U.S. Tax System Is Getting Even More Progressive: Tax Foundation, New CBO Report Shows Pandemic Response Sharply Reduced Inequality, Increased Progressivity in 2020: The pandemic led to one of the largest fiscal responses in U.S. history, impacting households across the income distribution. A new report from the Congressional Budget…
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Why Cutting IRS Funding Is Not Conservative
Washington Post Op-Ed: Why Cutting IRS Funding Is Not a Conservative Move, by Brian Riedl (Manhattan Institute): Last year, President Biden and congressional Democrats enacted $80 billion in new IRS funding for the next decade. During the debt limit debate earlier this year, Republicans successfully negotiated a $20 billion cut in that funding. And now,…
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Joint Tax Committee Publishes Bluebook: General Explanation Of Tax Legislation Enacted In The 117th Congress
The Joint Committee on Taxation has released General Explanation of Tax Legislation Enacted in the 116th Congress (JCS-1-23) (Dec. 21, 2023) (560 pages): This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides…
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Joint Tax Committee: Tax Code Provisions Implicated In Moore
Letter from Thomas Barthold (Chief of Staff, Joint Committee on Taxation) to Richard Neal (Ranking Member, House Ways & Means Committee) (Oct. 3, 2023): This letter responds to your request for a delineation of present law provisions of the Internal Revenue Code of 1986, as amended (the "Code"), that could be affected by a ruling…
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CBO: A Call For New Tax Research
Congressional Budget Office, A Call for New Research in the Area of Taxes and Transfers: As part of the legislative process, the Congressional Budget Office supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is…
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House Hearing: Biden’s Global Tax Surrender Harms American Workers And Our Economy
Following up on my previous posts: David Schizer (Columbia), Biden And The OECD’s Taxation Without Representation Phil Gramm & Mike Solon, Congress Can Halt Biden’s Rule By Regulation, Beginning With The OECD Global Tax Deal The Tax Subcommittee of the House Ways & Means Committee held a hearing yesterday on Biden’s Global Tax Surrender Harms…
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State SALT Cap Workarounds: Past, Present, And Future
Richard Stephenson McEwan (J.D. 2023, Indiana-Maurer), Note, State Workarounds to the IRC's SALT Cap: The Past, the Present, and Building for the Future, 98 Ind. L.J. 667 (2023): Recently, Congress has debated measures to provide some relief to taxpayers negatively impacted by the Internal Revenue Code’s State and Local Tax (SALT) deductibility limit. Although Congress…
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Senate Hearing: The Rich Get Richer, Deficits Get Bigger — How Tax Cuts For The Wealthy And Corporations Drive The National Debt
The Senate Budget Committee held a hearing yesterday on The Rich Get Richer, Deficits Get Bigger: How Tax Cuts for the Wealthy and Corporations Drive the National Debt (video): Bruce Bartlett (Former Deputy Assistant Secretary, U.S. Treasury), Testimony Scott Hodge (Tax Foundation), Testimony Samantha Jacoby (Center on Budget and Policy Priorities), After Decades of Costly,…
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CBO Data: After-Tax, After-Transfer Income Inequality Has Been Flat Since 2000
Timothy T. Taylor (Macalester College), Income Inequality for US Households: CBO has just published The Distribution of Household Income, 2019 (November 2022). … A good chunk of the underlying data behind this report is from income tax data. This data has the great advantage that is isn’t from a survey asking people about their incomes,…
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Joint Tax Committee: Overview Of The Federal Tax System
The Joint Committee on Taxation has released Overview Of The Federal Tax System As In Effect For 2022 (JCX-14-22): This document … provides a summary of the present-law Federal tax system as in effect for 2022. The current Federal tax system has four main elements: (1) an income tax on individuals, estates, trusts, and corporations…
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Joint Tax Committee: General Explanation Of Tax Legislation Enacted In The 116th Congress
The Joint Committee on Taxation has released General Explanation of Tax Legislation Enacted in the 116th Congress (JCS-1-22) (Mar. 8, 2022) (596 pages): This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an…
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Rep. Bill Pascrell Calls For Crackdown On Intentionally Defective Grantor Trust Stepped-Up Basis Tax Loophole
Press Release, Pascrell Pushes Treasury to Crackdown on Billionaire Tax Abuses; Oversight Chair Asks Yellen to Address Grantor Trust Loophole Manipulated by Wealthy: U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, today urged the U.S. Treasury Department to expand efforts to crackdown on tax abuse by…
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WSJ: The Internal Revenue Leak Service
Wall Street Journal editorial, The Internal Revenue Leak Service: Democrats want to give $80 billion to the Internal Revenue Service to audit millions of Americans each year. Yet six months after the progressive website ProPublica first published the secret tax information of rich Americans, the tax agency still can’t explain what happened. Senate Republicans led…
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Tax Profs Oppose Proposed Charitable Conservation Easement Curing Provision
Letter To Senate Finance Committee On H.R. 5376: We are teachers, scholars, and practitioners in the fields of tax law, property law, natural resource management, and land use law. We write today to express our deep concern about a provision recently added to the Charitable Conservation Easement Program Integrity Act, that is now part of…
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Federal Tax Revenues Soar 18%, Most In 44 Years, Primarily From Individual (+28%) And Corporate (+75%) Taxes
Congressional Budget Office, Monthly Budget Review: September 2021: Total Receipts: Up by 18 Percent in Fiscal Year 2021 … Chris Edwards (Cato Institute), Federal Tax Revenues Soar: New data from the Congressional Budget Office show that federal tax revenues are soaring. Despite the Republican tax cuts of 2017 and the ongoing pandemic, taxes are pouring…
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House Releases Small Business Tax Reform Options
House Ways & Means Committee Chair Dave Camp today released a third tax reform discussion draft focused on small business: The discussion draft contains several core components that simplify tax compliance for small businesses and provide certainty with respect to the ability of small businesses to recover certain costs immediately. These include widely supported reforms…
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CRS: 250 Tax Expenditures
Congressional Research Service, Tax Expenditures: Compendium of Background Material on Individual Provisions, S. Rep. No. 45, 112th Cong., 2d Sess. (1065 pages): This compendium gathers basic information concerning approximately 250 federal tax provisions currently treated as tax expenditures. They include those listed in Tax Expenditure Budgets prepared for fiscal years 2011-2015 by the Joint Committee…
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312,000 Federal Workers Owe $3.5 Billion in Back Taxes, Up 11.5% From Prior Year
311,566 federal workers and retirees owed more than $3.5 billion in back income taxes in 2011 (up from $3.4 billion in 2010, $3.3 billion in 2009, $3.0 billion in 2008, and $2.7 billion in 2007). Accounting Today, Tax-Delinquent Federal Employees and Retirees Increased 11.5% in 2011 Bloomberg, Number of Tax-Delinquent Government Workers Up 11.5% Fox News, Federal Workers…
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ObamaCare Tax Increases Are Double Original Estimate
Following up on Tuesday’s post, House Holds Hearing Today on The Tax-Related Provisions in the President’s Health Care Law: Tax Foundation, Obamacare Tax Increases Will Impact Us All: The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases…
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House Holds Hearing Today on The Tax-Related Provisions in the President’s Health Care Law
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on The Tax-Related Provisions in the President’s Health Care Law: According to the Government Accountability Office, the President’s health care law contains 47 tax or tax-related provisions. Estimates by the Congressional Budget Office and the Joint Committee on Taxation confirm…
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Senate Holds Hearing Today on Reducing the Deficit by Eliminating Wasteful Spending in the Tax Code
The Senate Budget Committee holds a hearing today on Reducing the Deficit by Eliminating Wasteful Spending in the Tax Code: The hearing will focus on making sure we are tackling the deficit in a balanced and fair manner and calling on the wealthiest Americans and biggest corporations to pay their fair share, rather than solely…
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House Creates Email Address for Tax Reform
The House Ways & Means Committee yesterday announced a new email address, tax.reform@mail.house.gov as another way for stakeholders, advocacy groups and the public to share information, facts and data relevant to the Committee’s review of current federal income tax law within the Committee’s 11 Tax Reform Working Groups: The working groups, announced earlier this month…
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Joint Tax Committee: Explanation of Tax Legislation Enacted in the 112th Congress
The Joint Committee on Taxation yesterday released General Explanation of Tax Legislation Enacted in the 112th Congress (JCS-2-13): This document … provides an explanation of tax legislation enacted in the 112th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of…