Paul L. Caron
Dean
Pepperdine Caruso
School of Law
News
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2 Former Jenkens & Gilchrist Partners to be Tried in Tax-Shelter Case
ABA Journal, 2 Former Jenkens & Gilchrist Partners on Track for Trial in Tax-Shelter Case: Rejecting an argument that the conduct of two former partners of the now-shuttered Jenkens & Gilchrist and three other non-law firm defendants lacked requisite willfulness, a federal judge has denied a motion to dismiss and put the case on track…
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Michele Bachmann, Tax Geek
From Michele Bachmann’s Wikipedia profile: She graduated from Winona State University and later received her J.D. degree from Oral Roberts University and an LL.M. degree in tax law from the College of William and Mary’s Marshall-Wythe School of Law. … From 1988 to 1993, Bachmann was a U.S. Treasury Department attorney in the US Federal…
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U.S. Multinationals Bring Home Cash, Dodge $25 Billion/Year in Repatriation Taxes
Bloomberg, Dodging Repatriation Tax Lets U.S. Companies Bring Home Cash, by Jesse Drucker: At the White House on Dec. 15, business executives asked President Obama for a tax holiday that would help them tap more than $1 trillion of offshore earnings, much of it sitting in island tax havens. The money — including hundreds of…
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Some States Are Taxing (and Freezing) Themselves to Death
Following up on yesterday’s post, Some States Are Taxing Themselves to Death: Roberta Mann (Oregon) notes, Some States Are Freezing Themselves to Death (from these data): House Seats Gained Mean Temperature House Seats Lost Mean Temperature Nevada (1) 79 Michigan (1) 47 Texas (4) 76 Iowa (1) 48 Florida (2) 75 New York (1) 49 Arizona…
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WSJ: Cash-Strapped Cities Hit Tax-Exempt Nonprofits With Plethora of ‘Fees’
Front-page story in today’s Wall Street Journal, Strapped Cities Hit Nonprofits With Fees: Facing budget gaps and an aversion to new debt and taxes, states and local governments are slapping residents with an array of new fees—and some are applying them to nonprofits. That marks a sharp departure from long-standing tax exemptions mandated by state…
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Some States Are Taxing Themselves to Death
Following up on last week’s post: Census Data — Population Flocks to States Without an Income Tax: New York Post, States Taxing Themselves to Death, by Dick Morris: High taxes kill states. There can be no better evidence than the 2010 Census. The states that lost House seats — because they’re shrinking, relative to the nation…
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Married Couple’s Guide to the New Estate Tax Law
Forbes: Married Couple’s Guide to the New Estate Tax Law, by Deborah L. Jacobs: Questions and answers on the new $10 million per couple federal estate tax break. Wills, Trusts & Estates Prof Blog: Answers to Married Couples’ Questions About New Estate Tax Law, by Gerry Beyer (Texas Tech): Does [portability] help me if my spouse…
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State Estate Taxes Assume Bigger Role in Estate Planning
Forbes, State Estate Taxes Loom as Big 2011 Issue, by Ashlea Ebeling: Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. … 21 states and Washington, D.C., have state estate or…
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Census Data: Population Flocks to States Without an Income Tax
The U.S. Census Bureau yesterday released results of the 2010 Census. Washington Examiner, Census: Fast Growth in States With No Income Tax, by Michael Barone: [Population] growth tends to be stronger where taxes are lower. Seven of the nine states that do not levy an income tax grew faster than the national average. The other…
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Deutsche Bank Admits Guilt, Pays $553.6m Fine, in Tax Shelter Case
Deutsche Bank yesterday agreed to pay a $553.6 million fine and admit criminal wrongdoing in connection with selling fifteen different tax shelters to 2,100 customers. U.S. Attorney Press Release Bloomberg New York Times Wall Street Journal WSJ Law Blog
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Nobody Doesn’t Like Sara Lee’s Tax Opportunity
Wall Street Journal, Sara Lee’s Businesses, Tax Bind Stir Takeover Interest: In the past five years, Sara Lee Corp., once a hodgepodge of consumer brands, has narrowed its focus to food. But its businesses, which range from Douwe Egberts coffee to Hillshire Farm deli meats, still have little in common, one reason the company has…
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Tax Policy to Fuel Coming Iraq Economic Boom
Wall Street Journal op-ed, The Coming Iraqi Business Boom, by Bartle Bull: Driven by what many geologists consider the world’s largest oil reserves, Iraq will probably be the world’s biggest crude oil producer within a decade. … [A]s Iraq’s oil production rises, its economy could grow approximately six-fold over the coming decade—gross domestic product is…
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Thaler: It’s Time to Rethink the Charity Deduction
New York Times op-ed, It’s Time to Rethink the Charity Deduction, by Richard H. Thaler (University of Chicago, Booth School of Business): Now that Congress has actually managed to enact tax legislation, it may be time to consider some bigger issues. I hope that broad-based tax reform will be high on the list of both…
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Tax Lawyer ‘Lap Dance Lou’ Disbarred for Promoting Prostitution at Strip Bar
ABA Journal, Tax Lawyer Loses Disbarment Appeal After Strip Club Guilty Plea: A tax lawyer dubbed “Lap Dance Lou” by one tabloid has been disbarred for promoting prostitution at his Manhattan strip club. Louis Posner was disbarred because of his March guilty plea to promoting prostitution at the Hot Lap Dance Club, according to stories…
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More on the Obama-GOP Tax Bill
Forbes, AMT Patch Nicely Embroidered The Hill, Dems: Tax Cut Package Will Kill Social Security Huffington Post, Teddy Roosevelt: Estate Tax Champion, Republican Icon L.A. Times, And the Rich Get Richer New York Times editorial, The Tax Cut Deal NPR, Beyond The Tax Deal: Targeting The Code Itself Wall Street Journal, End Near for Best…
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Kleinbard: The Health Care Law Is Constitutional (Still)
L.A. Daily Journal, The Health Care Law Is Constitutional (Still), by Edward D. Kleinbard (USC): Little attention was paid when two federal District Courts recently concluded that the new federal health care law was constitutional, but Monday’s ruling by a federal District Court Judge, Henry Hudson, in Commonwealth of Virginia v. Sebelius, was front page…
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President Obama Signs Tax Package Into Law
Visit msnbc.com for breaking news, world news, and news about the economy Legislative Documents: Legislative Text Summary (3 pages) Summary (12 pages) Joint Committee on Taxation, Technical Explanation Joint Committee on Taxation, Revenue Estimate White House, Remarks at Signing Ceremony White House, Fact Sheet White House, Framework on Tax Cuts, Unemployment Insurance and Jobs White House, Interested Parties Memo…
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More Estate Tax Commentary
Bloomberg, Tax-Cut Vote in House Hinges on Estate-Tax Dispute (Ryan J. Donmoyer) Forbes, Tax Deal Trust Fund Loophole Could Save Billions For Rich (Janet Novack) Huffington Post, What's the Estate Tax Supposed to Do, Anyway? (Joseph J. Thorndike) National Journal, No Matter Who Wins, Estate Tax Is All but Dead (Kelsey Snell) NY Times, Billions in…
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Schmalbeck: With Tax Vote, Congress Will Have Blood on its Hands
Richard Schmalbeck (Duke), Protecting the Rich from Themselves: Unless Congress acts very quickly, there will be blood as the accidental estate tax “holiday” slouches toward expiration on December 31. Tax “holidays,” during which a tax is temporarily suspended, are questionable tax policy at best. But they are truly disastrous in the case of a tax…
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Temporary Tax Code Puts Nation in a Lasting Bind
Wall Street Journal, ‘Temporary’ Tax Code Puts Nation in a Lasting Bind, by John D. McKinnon, Gary Fields & Laura Saunders: In the late 1990s, there were typically fewer than a dozen tax provisions that had just a limited lease on life and needed to be renewed every year or so. Today there are 141.…
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2011: The Best Year Ever to be Rich
Forbes, Under Obama Tax Deal, 2011 Could be Best Year for the Rich, by Janet Novack: If the Obama-Republican tax deal passes, 2011 could turn into the best year yet to be rich, tax wise. The capital gains tax, a key rate for the very rich, will remain at its historically low 15%, while the…
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Ikea Gives Free Bikes to its 12,400 U.S. Workers; IRS to Get its Share April 15
Ikea gave new bicycles as holiday gifts to all 12,400 of its U.S. employees (press release; New York Daily News; Philadelphia Inquirer; San Francisco Chronicle). Mary O’Keeffe (Union College) blogs the tax consequences in “There’s No Such Thing as a Free Bike”: Those “gift” bikes could turn out to be very expensive, because the IRS…
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Obama Mulls Major Tax Reform Push in 2011
Bloomberg, Obama Directs Staff to Look at Options for U.S. Tax Overhaul The Hill, Obama Plans Debate Next Year on Tax Reform New York Times, Obama Weighs Tax Overhaul in Bid to Address Debt NPR, Obama: 2011 Will Bring Push To Overhaul Tax Code Politico, Obama Mulls Tax Reform as 2011 Priority Wall Street Journal,…
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John du Pont Dies, Wins Estate Tax Lottery
John Eleuthère du Pont, an heir to the du Pont chemical fortune, is the latest plutocrat to hit the estate tax lottery by dying yesterday at the age of 72 (in prison where he was serving his sentence imposed for his conviction of third degree murder in the 1996 shooting death of Olympic wrestler Dave Schultz). His estate thus will…
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House Democrats Vote to Block Consideration of Obama Tax Compromise
Bloomberg Fox News The Hill New York Times USA Today Wall Street Journal Washington Post