Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Political News
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Hubbard: We Can’t Tax Our Way Out of the Entitlement Crisis
R. Glenn Hubbard (Dean, Columbia Business School) has an op-ed in today’s Wall Street Journal, We Can’t Tax Our Way Out of the Entitlement Crisis: Mr. Obama has revealed his plans in stages. First, on his campaign Web site, he indicated he would solve the long-run solvency of Social Security (a good thing). In a…
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Tax Policy Center Releases Detailed Analysis of Presidential Candidates’ Tax Plans
The Tax Policy Center has published an Executive Summary (6 pages), Updated Analysis (59 pages), and Revenue and Distributional Tables (26 tables) for the 2008 presidential candidates tax plans. From the Executive Summary: Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years,…
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More on Obama’s Tax Plan
Obama’s Top Marginal Rate, by Greg Mankiw U.S. News & World Report: Obama’s Curious Capital Gains Tax Epiphany, by James Pethokoukis Wall Street Journal: For Obama, Taxes Are About Fairness, by William McGurn Obama’s Tax Plan Is Really a Welfare Plan, by Peter Ferrara
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Updated Revenue and Distribution Estimates for Obama’s Tax Plan
The Tax Policy Center has updated its revenue and distribution estimates for Barack Obama’s tax plan. For more coverage of the Obama tax plan, see: Associated Press Chicago Tribune Don’t Mess With Taxes New York Times Tax Foundation Tax Policy Blog Washington Post Washington Times
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Reactions to Obama’s Tax Plan
Following up on this morning’s post on the Wall Street Journal op-ed, The Obama Tax Plan, by Obama advisors Jason Furman & Austan Goolsbee: The Obama campaign has released this detailed tax plan, along with this summary, key facts, and comparison with the McCain tax plan. The tax plan has attracted a lot of attention…
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WSJ: Defending Obama’s Tax Plan
Wall Street Journal: The Obama Tax Plan, by Jason Furman (Economic Policy Director, Obama for America) & Austan Goolsbee (Senior Economic Adviser, Obama for America): Even as Barack Obama proposes fiscally responsible tax reform to strengthen our economy and restore the balance that has been lost in recent years, we hear the familiar protests and…
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Effective Marginal Tax Rates Under Obama
The American: The Folly of Obama’s Tax Plan, by Alex Brill (American Enterprise Institute) & Alan D. Viard (American Enterprise Institute): Senator Obama’s proposed ‘tax cuts for the middle class’ are actually marginal rate hikes in disguise. Senator Barack Obama declared recently that he wants to “reform our tax code so that it rewards work…
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Tax Planks in 2008 Democratic Party Platform
Tax planks in the current draft of the 2008 Democratic Party Platform: Restoring Fairness to our Tax Code. We must reform our tax code. It’s thousands of pages long, a monstrosity that high-priced lobbyists have rigged with page after page of special interest loopholes and tax shelters. We will shut down the corporate loopholes and…
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WaPo: Obama Tax Plan Would Balloon Deficit
Washington Post: Obama Tax Plan Would Balloon Deficit; Analysis Finds Democrat’s Promise to Cut Taxes Without Adding to Debt Relies on Bush Fiscal Policy, by Lori Montgomery: On the campaign trail, Sen. Barack Obama bashes President Bush for "reckless" economic policies that are "mortgaging our children’s future on a mountain of debt." But the Democratic…
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Tax Ben Stein’s Money
Sunday New York Times op-ed: A Familiar Tax Tune, but It’s Not Mine, by Ben Stein: A few days ago, I saw Senator John McCain on television saying something I had heard a few times before. Basically, he said that if you want to have your taxes raised, don’t vote for him. Let me start…
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Nonpartisan Group Accuses McCain of Multiple Distortions of Obama’s Tax Record
The non-partisan FactCheck.org has released a report charging that John McCain has released three new ads with multiple false and misleading claims about Barack Obama’s tax proposals: A TV spot claims Obama once voted for a tax increase "on people making just $42,000 a year." That’s true for a single taxpayer, who would have seen…
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Tax Law Professor Expelled From Republican Party Post for Supporting Obama
Tax Professor Jan Ting (Temple), the Delaware Republican Party’s candidate for U.S. Senate in 2006, has been expelled from the Delaware Republican Party Committee for quietly supporting Barack Obama for President. Delaware GOP’s Ting Pays Price for Supporting Obama (Delaware News Journal), by Sean O’Sullivan: The Delaware Republican Party’s standard-bearer in the 2006 race for…
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The Secret of Obama’s Success? He Doesn’t Dress Like a “50-Year Old Tax Lawyer”
Associated Press: The Candidates’ Closets: No WIndsurfing Gear, by Samantha Critchell: [I]n his clothing, as in his campaign, Obama could face the charge of elitism for choosing stylish, slim-cut suits with a European look, [Tyler] Thoreson [executive editor of Men.Style.com] says. Thoreson admires the style, which he says shows off Obama’s tall, athletic build. "It…
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WSJ: McCain’s Tax Blunder
Editorial in today’s Wall Street Journal, McCain’s Tax Blunder: One of the miracles of this Presidential election campaign is that John McCain still has a chance to win, notwithstanding his best attempts to kick it away. In his latest random policy improvisation, the Arizona Senator tried to give up the tax issue. On ABC’s "This…
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Tax Foundation: More Tax Nonsense From McCain
From the Tax Foundation’s Tax Policy Blog: This morning on ABC’s This Week with George Stephanopoulos, John McCain was interviewed by Stephanopoulos. And during a discussion on energy, McCain mentions his gas tax holiday proposal as a way to relieve consumers, and then Stephanopoulos steps in. Stephanopoulos: There’s not a single economist in the country…
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More on the McCain and Obama Tax Plans
Angry Bear: Goolsbee Hammers McCain on Fiscal Policy While Holtz-Eakin Ducks The Atlantic: McCain And Obama On Taxes: Take 2 Economists for Obama: McCain Still Lying or Ignorant About the Effect of Tax Cuts Report from the Duel of Economic Advisors Inc.com: Battle Of The Tax Plans: WhIch Favors Small Biz? L.A. Times: McCain and…
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Romney Writes-Off $45m Campaign Loans, Also Must Write-Off Any Tax Deduction
Former Republican presidential candidate Mitt Romney will write-off the outstanding $45 million in loans he made to his campaign. (See, e.g., Boston Globe, L.A. Times, Washington Post) That is quite a chunk of change for Romney, given his estimated $190 – $250 million net worth. Although not mentioned in any of the press reports I…
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Wealthy New Yorkers Face 58% Marginal Tax Rate Under Obama
I previously blogged that Obama’s Proposed Tax Hikes Would Hit Blue States Hard. The New York Sun runs the numbers for New York in Tax Rates For New Yorkers Would Top 50% Under Obama, by Julie Satow: New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly…
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Bartlett, Shaviro on McCain, Obama Tax Policies
Bruce Bartlett, Judges, Taxes May Not Make McCain’s Case (Politico): Lacking any positive reason to vote for McCain, conservatives have fallen back on [arguing] … that whatever else one thinks about McCain, he will at least be better on two key issues: taxes and judges. After all, Obama is on record saying he will raise…
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Campaign Explains Why McCain Did Not Report Gambling Gains and Losses on His Tax Returns
On Saturday, I asked Why Hasn’t McCain Reported His Gambling Gains and Losses on His Tax Returns?. The McCain campaign responded today via Above the Law: John McCain has had little occasion to try his luck at gaming in 2006 and 2007, as he was otherwise occupied during that time — and had no winning…
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Why Law Prof Supports Obama: “He’s One Of Us”
Kyron Huigens (Cardozo) published an op-ed on law.com today: Barack Obama, Legal Scholar: I think I know Obama’s mind. He’s like me — a legal scholar. Obama is a graduate of one of the best law schools in the country and has taught on a part-time basis at one of the others. Every law school…
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Nonpartisan Group Blasts McCain’s Charge That Obama Would Raise Taxes on 23 Million Small Business Owners
The nonpartisan FactCheck.org has issued a report criticizing John McCain’s oft-repeated charge (blogged yesterday) that Barack Obama’s tax plan would raise the taxes of America’s 23 million small business owners: McCain’s Small-Business Bunk: McCain has repeatedly claimed that Obama would raise tax rates for 23 million small-business owners. It’s a false and preposterously inflated figure.…
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Eight Issues Economists Agree on in the Presidential Campaign
Sunday New York Times: What if the Candidates Pandered to Economists?, by N. Gregory Mankiw (Harvard University, Department of Economics): On many issues, from universal health insurance to increased taxes on the rich, economists do not speak with a single voice. But on some issues we do. Here is an eight-plank platform designed to attract…
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Women for John McCain Criticize Fiorina’s Tax Views
Women for John McCain criticize the tax policy views of one of the candidate’s leading advisors, Carly Fiorina: “In the Bush tax cuts, if they are repealed, 23 million small businesses will have their taxes raised. Why? Because 23 million small businesses file their income tax as individuals…” Putting aside the dubiousness of relying on…
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Why Hasn’t McCain Reported His Gambling Gains and Losses on His Tax Returns?
I previously blogged the release of John McCain’s 2006 and 2007 tax returns. The Daily Kos asks why McCain has not reported any gambling gains on Line 21, or gambling losses on Line 28, Schedule A, of his Form 1040, given widespread press reports that he is a frequent gambler at casinos who wagers thousands…