Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Senate Holds Hearing Today on Wilkins Nomination to be IRS Chief Counsel
The Senate Finance Committee holds a hearing today on the nomination of William J. Wilkins to be Chief Counsel for the IRS and Assistant General Counsel for the Department of Treasury. From the White House press release: William J. Wilkins of Washington, DC has been a partner in the Tax Practice Group of Wilmer Cutler Pickering Hale
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House Wants 1%-3% Surtax on “Wealthy” to Pay for Health Care Reform
House Ways & Means Chairman Charles Rangel announced yesterday that the House will propose an income tax surcharge, effective in 2011, to pay for health care reform: 1% for married couples earning $350,000 – $500,000 2% for married couples earning $500,000 – $1,000,000 3% for married couples earning > $1,000,000 Press and blogosphere coverage: Associated Press Bloomberg Fox News
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Senate Democrats to Propose Raising Taxes on Capital Gains, Dividends, and Interest to Fund Health Care Reform
Bloomberg reports that Democrats on the Senate Finance Committee are considering embracing a proposal put forth this week by Citizens for Tax Justice to apply the 1.45% Medicare tax to capital gains, dividends, and interest to fund health care reform, coupled with a 2.5% surtax on incomes over $200,000 (single) and $250,000 (joint):
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Judge Sotomayor’s Tax Opinions
The Congressional Research Service has released Judge Sonia Sotomayor: Analysis of Selected Opinions (R40649). Here is the discussion of Judge Sotomayor's tax opinions: Judge Sotomayor has not written extensively in the area of taxation, and it is not possible to draw conclusions about her judicial philosophy from the tax cases in which she has been involved.
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Bill Introduced to Allow Home Office Standard Deduction
Senators Olympia J. Snowe (R-ME) and Kent Conrad (D-ND) and Rep. Charles A. Gonzalez (D-TX) have introduced the Home Office Tax Deduction Simplification and Improvement Act of 2009. From Web CPA: The bipartisan bill, introduced in both the House and Senate, would direct the Treasury Secretary to create an optional, easy-to-use standard deduction to encourage greater
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Congress Asks IRS to Suspend Tax Shelter Penalties on Small Businesses
The House Ways & Means Committee and Senate Finance Committee yesterday issued this press release: Bipartisan lawmakers from the Senate Finance Committee and House Committee on Ways and Means sent a letter Friday to IRS Commissioner Douglas H. Shulman, requesting assistance while Congress works to address certain penalties assessed on small businesses. The lawmakers are
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Senate Holds Hearing Today on Climate Change Legislation: Tax Considerations
The Senate Finance Committee holds a hearing today on Climate Change Legislation: Tax Considerations. Here are the witnesses scheduled to testify: Gary Hufbauer (Reginald Jones Senior Fellow, Peterson Institute for International Economics, Washington D.C.) Mark Price (Principal-in-Charge, Financial Institutions and Products, Washington National Tax, KPMG, Washington, D.C.) Keith Butler (Senior Vice President of Tax, Duke
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Joint Tax Committee: Obama’s Tax Plan Falls $50b Short
The Joint Committee on Taxation today released Estimated Budget Effects of the Revenue Provisions Contained in the President’s Fiscal Year 2010 Budget Proposal as Described by the Department of the Treasury (JCX-28-09). For press coverage, see: Associated Press: New Estimate Trims Obama Plan to Increase Taxes Bloomberg: Panel Says Obama Tax Proposal Falls $55 Billion Short
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CBO: Did the 2008 Tax Rebates Stimulate Short-Term Growth?
The Congressional Budget Office has released Did the 2008 Tax Rebates Stimulate Short-Term Growth?: In preparing its economic forecast published in September 2008, CBO estimated that 40% of the tax rebates issued in the spring and summer under the Economic Stimulus Act of 2008 would be spent within six months––raising the growth of consumption in
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CRS: Constitutionality of Geographical Variations in Tax Benefits
The Congressional Research Service has conducted an Analysis of Whether Linking Tax Benefits to the Geographic Variations in the Cost of Living Violates the Uniformity Clause: Based upon an examination of the case law, it may be possible to identify scenarios in which geographical classifications in the exclusion of employer-provided health insurance would likely be permissible.
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Senate Releases 49-Page Summary of Stimulus Act
The Senate Finance Committee has released a 49-page summary of the tax provisions in H.R. 1, the American Recovery and Reinvestment Act of 2009, which was signed into law (Pub. L. No. 111-5) in February. From Committee Chaid Max Baucus: We are facing an economic storm not seen since the Great Depression. Folks are struggling to
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House Holds Hearing Today on Tax-Exempt and Taxable Governmental Bonds
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Tax-Exempt and Taxable Governmental Bonds. From the hearing announcement: The hearing will focus on issues relating to tax-exempt and taxable government bonds, and how the issuance of recently authorized taxable bonds may impact the demand for and
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CBO: College Sports Tax Would Not Yield Much Revenue
The Congressional Budget Office yesterday released Tax Preferences for Collegiate Sports: Long viewed as an integral component of higher education, sports in many universities have become highly commercialized. Successful athletic programs are very rewarding financially: The NCAA men’s basketball tournament alone garnered about $143 million in revenue for athletic departments in 2008, and college football bowl
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Thomas Barthold Named Chief of Staff of Joint Committee on Taxation
The Wall Street Journal reports that Thomas Barthold, a member of the staff of the Joint Committee on Taxation since 1987 and currently its Deputy Chief of Staff, will take over as Chief of Staff on May 15, 2009, with the departure of Edward D. Kleinbard (who is leaving to join the tax faculty at USC). Update: The
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Open CRS Releases Tax Reports
An Introduction to the Design of the Low-Income Housing Tax Credit (RS22389) Federal Taxation of the Drug Industry and Effects on New Drug Development (RL31511) The Alternative Minimum Tax for Individuals (RL30149)
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More on Ed Kleinbard’s Move From Joint Tax Committee to USC
On Tuesday, I blogged the news that Edward D. Kleinbard is leaving his position as Chief of Staff of the Joint Committee on Taxation on May 15, 2009 (after 20 months in the job) to join the faculty at USC Law School. USC issued this press release today: University of Southern California Gould School of Law
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Senate Holds Hearing Today on Technology Neutrality in Energy Tax
The Senate Finance Committee holds a hearing today on Technology Neutrality in Energy Tax: Issues and Options. Here are the witnesses scheduled to testify: Gilbert E. Metcalf (Professor of Economics, Tufts University, Medford, MA) David Greene (Corporate Fellow, Oak Ridge National Laboratory, Knoxville, TN) John M. Urbanchuk (Director, LECG, LLC, Wayne, PA) In connection with
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CRS Issues Tax Reports
The Congressional Research Service has issued several tax reports: Business Tax Issues in 2009 (R40500) (Apr. 8, 2009) Retirement Savings and Household Wealth in 2007 (RL30922) (Apr. 8, 2009) Renewable Energy and Energy Efficiency Tax Incentive Resources (R40455) (Mar. 23, 2009)
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Ed Kleinbard to Leave Joint Tax Committee to Join USC Law School Faculty
Edward D. Kleinbard announced today that he is leaving his position as Chief of Staff of the Joint Committee on Taxation on May 15, 2009 (after 20 months in the job) to join the faculty at USC Law School. Prior to his appointment to the Joint Committee, Mr. Kleinbard was a tax partner at Cleary
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All She Wants to Do Is Tax
Chuck DeVore, who is running for Barbara Boxer's senate seat, posted a video on YouTube, All She Wants to Do Is Tax, a funny parody of Eagles founder Don Henley's hit song, All She Wants to Do is Dance. CNN reports that Henley sued DeVore in federal district court in California. (Hat Tip: Ann Murphy.)
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CBO: Top 1% Earned 19% of Income, Paid 28% of All Federal Taxes, in 2006
The Congressional Budget Office yesterday released Historical Effective Federal Tax Rates: 1979 to 2006 and Data on the Distribution of Federal Taxes and Household Income. From the Director's Blog: The overall effective federal tax rate (the ratio of federal taxes to household income) was 20.7% in 2006. Individual income taxes, the largest component, were 9.1%
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HHS Nominee Kathleen Sebelius Pays $7k in Back Taxes
In advance of her Senate confirmation hearing, Health and Human Services nominee Kathleen Sebelius has corrected three years of tax returns and paid more than $7,000 in back taxes after finding several "unintentional errors" involving deductions for charitable contributions, mortgage interest, and business expenses: Charitable contributions: For charitable contributions in excess of $250, taxpayers must
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Avi-Yonah’s Testimony on Offshore Tax Havens
Following up on this morning's post on today's House hearing on Banking Secrecy Practices and Wealthy American Taxpayers: here is a 6-minute clip of the testimony by Reuven S. Avi-Yonah (Michigan):
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House Holds Hearing Today on Banking Secrecy Practices and Wealthy American Taxpayers
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Banking Secrecy Practices and Wealthy American Taxpayers. From the hearing advisory: The hearing will focus on limitations of the withholding taxes imposed by the United States on U.S. source investment earnings received by foreign persons, the Qualified
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CRS: Bill of Attainder is Biggest Constitutional Hurdle for AIG Bonus Tax
The Congressional Research Service has issued a report on the AIG bonus tax, Retroactive Taxation of Executive Bonuses: Constitutionality of H.R. 1586 and S. 651 (R40466) (Mar. 25, 2009). Here is part of the Summary: This report analyzes the constitutionality of these bills. Specifically, it examines whether their retroactive application violates the equal protection and