Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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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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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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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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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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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
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TIGTA to Investigate Whether IRS Improperly Steered $500 Million in Contracts to Computer Company
The Treasury Inspector General for Tax Administration has agreed to investigate whether an IRS employee improperly steered more than $500 million in government contracts to Signet Computers, after receiving this letter from House Committee on Oversight and Government Reform Chair Darrell Issa. Washington Post, House Committee Investigating $500 Million in Contracts Between IRS, Computer Company:
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Harry Reid Hires G.E. Lawyer as Chief Tax Adviser
New York Times DealBook: A Revolving Door in Washington With Spin, but Less Visibility, by Jesse Eisinger (ProPublica): Obsess all you’d like about President Obama’s nomination of Mary Jo White to head the Securities and Exchange Commission. Who heads the agency is vital, but important fights in Washington are happening in quiet rooms, away from
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CBO Rejects GOP Charge That It Slanted Report on Taxing U.S. Multinational Corporations
The Congressional Budget Office yesterday doubled down on its report, Options for Taxing U.S. Multinational Corporations, in response to a January 24, 2013 letter from House Ways & Means Chair Dave Camp charging that the report was "heavily slanted and biased": This letter responds to concerns you raised about the CBO's report, Options for Taxing
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House Holds Hearing Today on Tax Reform and Charitable Contributions
The House Ways & Means Committee holds a hearing today on Tax Reform and Charitable Contributions: The hearing will examine the itemized deduction for charitable contributions as part of the Committee’s work on comprehensive tax reform. It also will receive testimony from witnesses on previous proposals to modify the deduction and its value. In connection
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Joint Tax Committee Releases Tax Expenditure Estimates for 2012-17
The Joint Committee on Taxation has released Estimate of Federal Tax Expenditures for Fiscal Years 2012-2017 (JCS-1-13): Tax expenditure analysis can help both policymakers and the public to understand the actual size of government, the uses to which government resources are put, and the tax and economic policy consequences that follow from the implicit or
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CBO: Refundable Tax Credits
Congressional Budget Office, Refundable Tax Credits: The number and total costs of the refundable credits in the income tax system have grown considerably since 1975. The number of credits peaked at 11 in 2010 before dropping to 6 in 2013 (see Figure 1). Their total costs (that is, the reduction in revenues and the increase
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Joint Tax Committee Releases List of Expiring Federal Tax Provisions, 2013-2023
The Joint Committee on Taxation has released List of Expiring Federal Tax Provisions 2013-2023 (JCX-3-13): This document … provides a listing of Federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in 2013-2023 (with references to the applicable section of the
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Tax Foundation Gives F Grade to CRS Report on Tax Rates and Economic Growth
Tax Foundation: CRS Study on Tax Rates and Growth Still Flunks the Test, by Stephen J. Entin: Studies issued by the Congressional Research Service are intended to inform the Congress as it develops public policy and enacts legislation. A recent CRS publication on the effect of the top statutory tax rates on economic activity [Taxes
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GAO: Evaluating Tax Expenditures
The Government Accountability Office has released Tax Expenditures: Background and Evaluation Criteria and Questions (GAO-13-167SP): Tax expenditures are reductions in a taxpayer's tax liability that are the result of special exemptions and exclusions from taxation, deductions, credits, deferrals of tax liability, or preferential tax rates. Similar to spending programs, tax expenditures represent a substantial federal