Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
-
IRS Offers Amnesty to Those Who Evaded Tax Through Offshore Accounts
The IRS today announced reduced penalties for individuals who have evaded U.S. taxes though offshore accounts. The IRS will waive criminal prosecution for taxpayers who come forward over the next six months and pay back taxes, interest, and reduced penalties for the past six years. IRS Voluntary Disclosure Practice, Internal Revenue Manual § 9.5.11.9 IRS
-
Senate Holds Hearing Today on Middle Income Tax Relief
The Senate Finance Committee holds a hearing today on The Middle Income Tax Relief Question: Extend, Modify, or Expire? Here are the witnesses scheduled to testify: Paul Taylor (Executive Vice President, Pew Research Center) George Yin (Edwin S. Cohen Distinguished Professor of Law & Taxation, University of Virginia) Robert Greenstein (Executive Director, Center on Budget
-
The Backlash Against the AIG Tax
Financial Times: Banker Fury Over Tax "Witch-Hunt": Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out institutions. Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest
-
Law Profs: Courts Unlikely to Overturn AIG Tax
Bloomberg: AIG Tax-Measure Suits Likely to Come, Less Likely to Succeed, by Greg Stohr: Congress is inviting legal challenges by moving to tax AIG employee bonuses. That doesn’t mean those challenges will succeed, legal experts say. … The legislation raises a number of legal questions, and New Hampshire Republican Senator Judd Gregg said it was
-
Senate to Take Up 90% AIG Tax
Following yesterday's House passage of the 90% AIG tax (blogged here and here), Senators Baucus, Grassley, Wyden, and Snowe have introduced the Compensation Fairness Act of 2009: Bloomberg Fox News
-
House Passes 90% AIG Tax, 328-93
The House approved the 90% AIG tax (H.R. 1586) this afternoon, 328-93. An overwhleming majority of Democrats voted in favor of the bill (243-6); a bare majority of Republicans opposed the bill (87-85). Description of H.R. 1586 Letter From Senate Finance Committee to CEO of AIG Associated Press Bloomberg Wall Street Journal For more coverage, see
-
Larry Tribe: 90% AIG Tax Is Constitutional
Laurence Tribe (Harvard) argues in the Atlantic and Wall Street Journal Law Blog that the proposed 90% tax on the bonuses paid out by AIG would pass constitutional muster under the Bills of Attainder and Ex Post Facto clauses Article I, Section 9; the Contract Clause of the Article I, Section 10; the Due Process
-
Joint Tax Committee Releases General Explanation of Recent Tax Legislation
The Joint Committee on Taxation today released General Explanation of Tax Legislation Enacted in the 110th Congress (642 pages) (JCS-1-09): The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date.
-
CRS: The Economic Effects of Capital Gains Taxation
The Congressional Research Service report, The Economic Effects of Capital Gains Taxation (R40411), is available on OpenCRS. Here is part of the summary: Some argue that reducing capital gains tax rates will increase tax revenues by dramatically increasing capital gains realizations. While the effect of changes in the capital gains tax rate continue to be debated and researched,
-
Senate to Consider Bill to Combat Offshore Tax Evasion
In advance of next week's Senate Finance Committee hearing on Tax Issues Related to Ponzi Schemes and an Update on Offshore Tax Evasion Legislation, Chair Max Baucus has released a discussion draft of legislation to discourage offshore tax evasion. Bloomberg: Tax Haven Bill Would Double Offshore Penalties Wall Street Journal: U.S. Senators Clash on Bills
-
CRS: The Carbon Tax
The Congressional Research Service report, Carbon Tax and Greenhouse Gas Control: Options and Considerations for Congress (R40242), is available on OpenCRS. Here is the summary: Market-based mechanisms that limit greenhouse gas (GHG) emissions can be divided into two types: quantity control (e.g., cap-and-trade) and price control (e.g., carbon tax or fee). To some extent, a carbon
-
Joint Tax Committee Releases List of 178 Expiring Tax Provisions
The Joint Committee on Taxation yesterday released List of Expiring Federal Tax Provisions, 2008-2020 (JCX-20-09).
-
Senate Holds Hearing Today on Tax Haven Banks and U. S. Tax Compliance
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs holds a hearing today on Tax Haven Banks and U. S. Tax Compliance — Obtaining the Names of U.S. Clients with Swiss Accounts. From the hearing announcement: This hearing will continue the Subcommittee’s examination of financial institutions which are located
-
Senators Introduce Stop Tax Haven Abuse Act
In advance of Wednesday's Senate hearing on Tax Haven Banks and U. S. Tax Compliance — Obtaining the Names of U.S. Clients with Swiss Accounts, Senators Carl Levin (D-MI), Sheldon Whitehouse (D-RI), Claire McCaskill (D-MO), and Bill Nelson (D-FL) yesterday introduced the Stop Tax Haven Abuse Act: Text of Bill Summary of Bill Sen. Levin Press Release Sen. Levin
-
House Holds Hearing Today on IRS Assistance for Taxpayers Experiencing Economic Difficulties
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on IRS Assistance for Taxpayers Experiencing Economic Difficulties. From the hearing announcement: The Subcommittee will discuss the specific problems encountered by taxpayers during this recession. The Subcommittee will review the steps taken by the IRS to assist struggling taxpayers and
-
Tax Provisions of Stimulus Bill
Updated: The House voted today to approve the $787.2 billion stimulus bill, 246-183. Not a single Republican voted in favor of the bill, and only 7 Democrats voted against it (down from 11 on the original House passage). The Senate voted last night to approve the bill, 60-38, with three Republicans (Sens. Collins, Snow and Specter) voting with all of
-
Senate Approves Stimulus Bill, 61-37
The Senate today approved the $838 billion economic stimulus bill, which includes $334 billion in tax incentives for individuals and businesses, by a 61-37, with Republican Senators Collins, Snowe, and Specter breaking rank to vote with the Democrats in support of the bill. The bill now moves to the House-Senate Conference, with Democrats hoping to
-
CRS: 501(c)(4) Organizations and Campaign Activity
The Congressional Research Service has released 501(c)(4) Organizations and Campaign Activity: Analysis Under Tax and Finance Laws (R40183), by Erika K. Lunder & L. Paige Whitaker. (Hat Tip: Rick Hasen & Ellen Aprill.)
-
Tax Expenditures: Compendium of Background Material
The Senate Budget Committee has published the Congressional Research Service's 931-page report, Tax Expenditures: Compendium of Background Material on Individual Provisions, 110th Cong., 2d Sess., Print #667 (Dec. 2008): [E]ach entry includes an estimate of each tax expenditure’s revenue cost, its legal authorization, a description of the tax provision and its impact, the rationale at the
-
Tax Provisions of Stimulus Bills
House: Bill (H.R. 598) House Ways & Means Committee, Staff Description Joint Committee on Taxation, Revenue Estimate of Bill as Passed (JCX-14-09) Joint Committee on Taxation, Description of Bill (JCX-5-09) Joint Committee on Taxation, Revenue Estimate of Bill (JCX-7-09) Joint Committee on Taxation, Description of Chairman's Mark (JCX-8-09) Joint Committee on Taxation, Revenue Estimate of
-
Daschle’s Nomination for HHS Secretary Threatened by Failure to Pay $140k Taxes on Free Use of Limo and Chauffeur
Secretary of Health and Human Services nominee Tom Daschle has an even bigger tax problem than Treasury Secretary Timothy Geithner: Daschle paid more than $140,000 in taxes and interest on January 2, 2009 for three tax mistakes he made on his 2005-2007 tax returns comprising over $350,000 of omitted income and overstated deductions that were uncovered in the
-
Senate Finance Committee Approves Stimulus Bill With One-Year AMT Patch
The Senate Finance Committee yesterday approved the economic stimulus legislation (S. 1) 14-9 after adding a one-year AMT patch costing $70 billion, bringing the tax portion of the bill to $342 billion. The patch would increase the exemptions from $46,200 to $46,700 for individuals and from $69,950 to $70,950 for couples. Senate Finance Committtee, Press Release Joint Committee on Taxation,
-
Commentary on Tax Provisions of Stimulus Bill
Bloomberg: Senate Panel May Add $69 Billion AMT Plan to Stimulus Center on Budget & Policy Priorities: Boehner-Cantor Tax Cut Proposal Less Effective as Stimulus Than “Making Work Pay” Credit Estate Tax Should be Made No Weaker on a Permanent Basis Than It Will Be in 2009 Tax Credit Priorities in House and Senate Recovery
-
Senate Finance Committee Holds Markup Session Tomorrow on Recovery and Reinvestment Tax Act
The Senate Finance Committee holds a markup session tomorrow on The American Recovery and Reinvestment Tax Act of 2009 Joint Committee on Taxation Description Joint Committee on Taxation Revenue Estimate Bloomberg CNN Reuters
-
House Ways & Means Committee Approves $275 Billion Tax Portion of Stimulus Bill
The House Ways & Means Committee yesterday approved the $275 billion tax portion of the economic stimulus bill (H.R. 598) on a straight party-line vote, 24-13: Ways & Means Committee Press Release Text of Bill Joint Committee on Taxation Description of Bill (JCX-5-09) Joint Committee on Taxation Revenue Estimate of Bill (JCX-7-09) Joint Committee on