Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Gov’t Reports
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Joint Tax Committee Releases Revenue Estimate of Senate Tax Bill
The Joint Committee on Taxation yesterday released Estimated Revenue Effects of the Tax Provisions Contained in S. 2020, The "Tax Relief Act Of 2005," as Passed by the Senate on November 18, 2005 (JCX-82-05), which projects a 5-year cost of $57.8 billion.
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Joint Economic Committee Releases Report on Tax Distribution Analysis and Shares of Taxes Paid
The Joint Economic Committee has released Tax Distribution Analysis and Shares of Taxes Paid–Updated Analysis. Here is the abstract: IRS data for 2003, the most recent available, show that the top half of taxpayers ranked by income ontinue to pay over 96% of Federal individual income taxes while the bottom half accounts for just less…
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CRS Releases Report on Income and Poverty Among Older Americans in 2004
The Congressional Research Service has released Income and Poverty Among Older Americans in 2004 (RL32697) (Nov. 2005) (23 pages). Here is the Summary: Older Americans are an economically diverse group. In 2004, the median income of individuals age 65 and over was $15,199, but incomes varied widely around this average. Twenty-eight percent of Americans 65…
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Joint Economic Committee Releases Report on Individuals and the Compliance Costs of Taxation
The Joint Economic Committee has released Individuals and the Compliance Costs of Taxation. Here is the abstract: The federal tax code imposes a compliance burden of approximately $83 billion on individuals because of the time requirements of filing. This paper examines how people respond to these costs, given certain constraints. It is commonly believed that…
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House Releases H.R. 109-304
The House Ways & Means Committee has released H.R. 109-304, which contains the text of H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005, including the text of the bill, an explanation of the bill, Congressional Budget Office estimates, and dissenting views.
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Barthold Named Acting Chief of Staff of Joint Tax Committee
Joint Committee on Taxation (JCT) Chairman Bill Thomas (R-CA) and Vice-Chairman Chuck Grassley (R-IA) announced late Friday that Thomas Barthold, the current Deputy Chief of Staff for JCT, will be named Acting Chief of Staff, effective immediately upon George Yin’s departure. From the press release: “Congress has a number of important tax issues before it.…
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GAO Publishes Student and Postsecondary Tax Preferences
The Government Accountability Office has published Student and Postsecondary Tax Preferences: Limited Research Exist on Tools to Assist Students and Families through Title IV Student Aid and Tax Preferences (GAO-05-684) (64 pages) (11/17/05). Here are the results in brief: In general, assistance is provided to a wide range of students and families under both title…
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GAO Releases Several Tax Reports
The Government Accountability Office has released several tax reports: IRS Improved Some Filing Season Services, but Long-term Goals Would Help Manage Strategic Trade-offs (GAO-06-51) (11/14/05): Report (57 pages) Highlights IRS’s Fiscal Years 2005 and 2004 Financial Statements (GAO-06-137) (11/10/05): Report (154 pages) Highlights Taxpayer Information: Options Exist to Enable Data Sharing Between IRS and USCIS…
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Comparative Tax Burdens in America’s Largest Cities
Natwar M. Gandhi, Chief Financial Officer of the Government of the District of Columbia, has released Tax Rates and Tax Burdens In The District of Columbia – A Nationwide Comparison: The reports contain information about the rates and burdens of major taxes in the District of Columbia compared with states and other large cities in…
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Tax Relief Act of 2005
Senate Finance Committee Majority Staff’s Description of Charities Provisions of Sen. Grassley’s tax reconciliation modification: Incentives to Encourage Charitable Giving Additional Incentives for Giving to Public Charities (and addressing tax abusive activities) Anti-Abuse Rules Joint Committee on Taxation: Description of the Chairman’s Modification to the Provisions of the "Tax Relief Act Of 2005" (JCX-77-05) (11/15)…
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CBO Releases Effective Marginal Tax Rates on Labor Income
The Congressional Budget Office has issued Effective Marginal Tax Rates on Labor Income (44 pages). From the Preface: The system of marginal tax rates (the share of an additional dollar of income that will have to be paid in taxes) created by the tax code determines how taxes affect people’s economic behavior. This CBO paper—prepared…
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CRS Releases Budget Reconciliation Legislation in 2005
The Congressional Research Service yesterday released Budget Reconciliation Legislation in 2005 (RL33132) (Nov. 1, 2005) (30 pages). Here is the Summary: The budget reconciliation process is one of the chief tools used by Congress during the past quarter-century to implement major changes in budget policy. Following a brief overview of the budget reconciliation process and…
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GAO Releases Activities of the Treasury Inspector General for Tax Administration
The Government Accountability Office has released Activities of the Treasury Inspector General for Tax Administration (GAO-05-999R) (GAO-05-999R) (22 pages). Here is the opening: The Department of the Treasury Inspector General for Tax Administration (TIGTA) audits and investigates the IRS’s operations to (1) promote economy and efficiency and detect and prevent fraud and abuse and (2)…
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GAO Releases Tax Gap: Multiple Strategies, Better Compliance Data, and Long-Term Goals Are Needed to Improve Taxpayer Compliance
The Government Accountability Office has released Tax Gap: Multiple Strategies, Better Compliance Data, and Long-Term Goals Are Needed to Improve Taxpayer Compliance (GAO-06-208T) (10/26/05) (19 pages). Here are the Highlights: IRS’s recent estimate of the tax gap in 2001 ranged from $312 billion to $353 billion. IRS estimates it will eventually recover some of this…
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CBO Issues Taxing Capital Income: Effective Rates and Approaches to Reform
The Congressional Budget Office has issued Taxing Capital Income: Effective Rates and Approaches to Reform (44 pages). From the Preface: This Congressional Budget Office (CBO) paper, prepared at the request of the Chairman of the House Ways and Means Committee, examines the taxation of capital income under current law and explores some potential alternatives to…
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GAO Releases Information Sharing Helps IRS Determine Deductibility of Civil Settlements
The Government Accountability Office today released Systematic Information Sharing Would Help IRS Determine the Deductibility of Civil Settlement Payments (GAO-05-747) (51 pages). Here are the Highlights: The Environmental Protection Agency (EPA), Securities and Exchange Commission (SEC), and Department of Justice (DOJ) negotiated civil settlements that were among the largest in the federal government in fiscal…
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GAO Releases Summary of Costs of the Federal Tax System
The Government Accountability Office has released Summary of Estimates of the Costs of the Federal Tax System (GAO-05-878) (32 pages). Here are the Results in Brief: Complying with the federal tax system costs taxpayers time and money. Estimating total compliance costs is difficult because neither the government nor taxpayers maintain regular accounts of these costs…
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GAO Releases Tax Expenditures Represent a Substantial Federal Commitment and Need to Be Reexamined
The Government Accountability Office has released Tax Expenditures Represent a Substantial Federal Commitment and Need to Be Reexamined (GAO-05-690) (9/23/05) (135 pages). Here are the Results in Brief: Whether gauged in absolute numbers and revenues forgone or in comparison to federal spending or the size of the economy, tax expenditures have represented a substantial commitment…
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Hurricane Katrina Tax Resources
Here is an expanded list of Hurricane Katrina tax resources: Congress: Joint Committee on Taxation, Technical Explanation of the House Resolution of Concurrence with an Amendment to the Senate Amendment to H.R. 3768, The "Katrina Emergency Tax Relief Act Of 2005" (JCX-69-05) (9/21) Joint Committee on Taxation, Estimated Revenue Effects of the House Resolution of…
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CRS Releases Report on Pension Sponsorship and Participation
The Congressional Research Service has released Pension Sponsorship and Participation: Summary of Recent Trends (RL30122) (Sept. 8, 2005), based on new data recently published by the Census Bureau. Here is the ssummary: According to the Census Bureau’s Current Population Survey (CPS), the number of workers in the private sector whose employer sponsored a retirement plan…
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GAO Releases Report on Understanding the Tax Reform Debate
The Government Accountability Office has released Understanding the Tax Reform Debate: Background, Criteria, and Questions (GAO-05-1009SP) (9/13/05) (77 pages). Here is the abstract: Taxes are necessary because they fund the services provided by government. In 2005, Americans will pay about $2.1 trillion in combined federal taxes, including income, payroll, and excise taxes, or about 16.8…
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GAO Releases Report on Student Aid and Postsecondary Tax Preferences
The Government Accountability Office has released Student Aid and Postsecondary Tax Preferences: Limited Research Exists on Effectiveness of Tools to Assist Students and Families through Title IV Student Aid and Tax Preferences (GAO-05-684) (64 pages). See the 1-Page Highlights. Here are the Results in Brief: In general, assistance is provided to a wide range of…
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GAO Releases Report on State and Federal Government Debt Collection Through Reciprocal Agreements
The Government Accountability Office has released Financial Management: State and Federal Governments Are Not Taking Action to Collect Unpaid Debt through Reciprocal Agreements (GAO-05-697R) (19 pages). Here is the abstract: The Debt Collection Improvement Act of 1996 (DCIA) allows the federal government to collect state debts from federal payments to contractors. However, before a state…
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Joint Tax Committee Releases Report on IRS Disclosures of Tax Return Information, 2004
The Joint Committee on Taxation yesterday released Disclosure Report for Public Inspection Pursuant to Internal Revenue Code Section 6103(p)(3)(C) for Calendar Year 2004 (JCX-63-05). Here is the Introduction: Pursuant to § 6103(p)(3)(C), the Secretary of the Treasury shall, within 90 days after the close of each calendar year, furnish to the Joint Committee on Taxation…
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GAO Releases Report on Improving Taxpayer Compliance
The Government Accountability Office has released Tax Compliance: Better Compliance Data and Long-term Goals Would Support a More Strategic IRS Approach to Reducing the Tax Gap (GAO-05-753) (44 pages). From the 1-page highlights: GAO recommends that IRS develop plans to periodically measure tax compliance with a focus on individual income tax underreporting; take steps to…