Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Tax News
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Lesson From The Tax Court: Taxpayers Behaving Badly (2021)
This will be my last new post until January. I will be spending my days (except for Christmas Day) grading exams. Grades are due Monday, January 3th and then I resume teaching on January 11th, so you will likely see my next Lesson From The Tax Court on January 18th (the day after MLK holiday).…
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ProPublica: More Billionaire Tax Games
ProPublica, These Real Estate and Oil Tycoons Avoided Paying Taxes for Years: Donald Trump and other ultrarich Americans have earned billions, but they’ve also managed to repeatedly avoid paying any federal income tax by claiming huge losses on their businesses. [Stephen Ross] is among a subset of the ultrarich who take advantage of owning businesses…
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WSJ: A Couple Stored IRA Gold At Home. They Owe The IRS $300,000.
Following up on Bryan Camp (Texas Tech), Lesson From The Tax Court: How To Mess Up Your Checkbook IRA: Wall Street Journal Tax Report, A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.: It’s official: Owners of individual retirement accounts with assets invested in gold and silver coins can’t store them…
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Economists Don’t Always Agree. On This Hot-Button Issue (Child Tax Credit), They Do.
Stanford Law, Economists Don’t Always Agree. On This Hot-Button Issue, They Do.: Jacob Goldin recently helped pull off an unlikely feat: As federal lawmakers battled over President Biden’s economic agenda, he worked to recruit more than 460 American economists in urging that a large, but temporary, cash benefit for children as part of an earlier…
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Mitchell: State Income Tax Rankings
Dan Mitchell, Ranking State Income Taxes: Motivated in part by an excellent graphic that I shared in 2016, I put together a five-column ranking of state personal income tax systems in 2018. Given some changes that have since occurred, it’s time for a new version. The first two columns are self explanatory and columns 3 and 5 are…
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WSJ: AmEx Pitched Business Customers A Tax Break That Doesn’t Add Up
Wall Street Journal, AmEx Pitched Business Customers a Tax Break That Doesn’t Add Up: Businesses were told they could deduct transaction fees while earning tax-free cash rewards. The pitch went out to eye doctors, McDonald’s franchisees and payroll companies: “Reduce your taxable income burden to Uncle Sam.” In phone calls, emails and in-person meetings with…
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NY Times: Companies Love To Buy Back Their Stock. A Tax Could Deter Them.
New York Times, Companies Love to Buy Back Their Stock. A Tax Could Deter Them.: Supporters of the Biden buyback tax say it will be good for the economy. Skeptics say it will hurt investment. Corporate America has been feeding a stock buyback boom for decades, with companies spending trillions of dollars to repurchase their…
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U.S. Tax Court’s Tax Trailblazers: Justice Shawna Baker
U.S. Tax Court's Diversity & Inclusion Series, Tax Trailblazers: Mentoring the Next Generation: Please join the United States Tax Court for the next in its Tax Trailblazers series. November’s webinar will honor Native American Heritage Month and focus on Justice Shawna S. Baker of the Cherokee Nation Supreme Court. Today at 7:00-8:15 PM EST (register…
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Call For Student Tax Papers: 2022 Chris Bergin Award For Excellence In Writing
Christopher E. Bergin Award for Excellence in Writing: The 2022 submission period for the Christopher E. Bergin Award for Excellence in Writing is now open! This annual award recognizes superior student writing on unsettled questions in tax law or policy. Learn more about the competition guidelines: Eligibility: Applicants must be enrolled in an accredited undergraduate or graduate…
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The Media Got The Billionaires Income Tax Wrong
The American Prospect: The Media Got the Billionaires Income Tax Wrong, by John R. Brooks (Georgetown; Google Scholar), David Gamage (Indiana; Google Scholar) & Ari Glogower (Ohio State; Google Scholar): Despite the media framing, a tax on billionaires’ investment income is not novel, unworkable, unconstitutional, or divisive. Last week, to pay for the priorities in the…
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Mirkay Named Associate Dean For Academic Affairs At Hawaii
New Associate Dean at Richardson Law Looks To Help Guide School Through Strategic Plan: As the William S. Richardson School of Law wrapped up one of the most challenging years of its existence, it has headed into a new year with a new Associate Dean for Academic Affairs, major plans in motion to reevaluate and…
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ProPubica: How These Ultrawealthy Politicians Avoided Paying Taxes
ProPubica, How These Ultrawealthy Politicians Avoided Paying Taxes: IRS records reveal how Gov. Jim Justice, Gov. Jared Polis, former Education Secretary Betsy DeVos and other wealthy political figures slashed their taxes using strategies unavailable to most of their constituents. … The records show that rich Democrats and Republicans alike have slashed their taxes using strategies…
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ProPublica: 18 Billionaires Received Taxpayer-Funded Stimulus Checks During The Pandemic
ProPublica, These Billionaires Received Taxpayer-Funded Stimulus Checks During the Pandemic: ProPublica, using its trove of IRS records, identified at least 18 billionaires who received stimulus payments, which were funded by U.S. taxpayers, in the spring of 2020. Hundreds of other ultrawealthy taxpayers also got checks. The wealthy taxpayers who received the stimulus checks got them because…
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When $200k Is Taxed Like $10 Million: Latest Tax Plan Targets Less Affluent With Trusts
Lynnley Browning (Financial Planning), When $200k Is Taxed Like $10 Million: Latest Tax Plan Targets Less Affluent With Trusts: Democrats have pivoted to the wallets of the working wealthy in their hunt for cash to fund a winnowing social spending agenda. Their latest proposals could lead to higher taxes on working professionals and business owners…
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L.A. Times: California Tried To Save The Nation From The Misery Of Tax Filing — Then Intuit Stepped In
Following up on my previous posts (links below): L.A. Times, California Tried to Save the Nation From the Misery of Tax Filing — Then Intuit Stepped In: An unexpected letter from the state tax board is the kind of thing known to spike blood pressure. But the note that arrived in tens of thousands of…
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Dean: Can The Most Powerful Global Tax Organization Shed Its Racist Ways?
The Nation: Can the Most Powerful Global Tax Organization Shed Its Racist Ways?, by Steven Dean (Brooklyn): The Organization for Economic Cooperation and Development insists it’s “inclusive,” but it’s still strong-arming countries in the Global South. We tax lawyers take pride in the complexity of our handiwork. The website of the US Internal Revenue Service quotes no…
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Hemel: A Wealth Tax Is A Good Idea — If We Had A Different Supreme Court
Washington Post op-ed: A Wealth Tax Is A Good Idea — If We Had a Different Supreme Court, by Daniel Hemel (Chicago; Google Scholar): Senate Democrats and the Biden administration are reportedly nearing a deal on a new “billionaire tax” to pay for the package of spending programs that is stalled in Congress. The tax — which…
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U.S. Tax Court’s Tax Trailblazers: George Yin
U.S. Tax Court's Diversity & Inclusion Series, Tax Trailblazers: Mentoring the Next Generation: Please join the United States Tax Court for the next in its Tax Trailblazers Series. Judge Albert G. Lauber will interview George K. Yin about his path to—and success in—the field of tax law. Today at 7:00-8:15 PM EST (register here). George…
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The Hidden Ways The Ultrarich Pass Wealth To Their Heirs Tax-Free
Bloomberg Businessweek, The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free: An inside look at how Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes. Sitting in the bleachers by the University of Oregon’s running track, Nike Inc. founder Philip Knight offered the sort of lofty promise many other…
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Tax Prof Twitter Census (2021-22 Edition)
According to Bridget Crawford's latest census, there are 1,477 Law Profs on Twitter, including 90 Tax Profs (several with tax in their Twitter handles): @AdamThimmesch (Adam Thimmesch, Nebraska) @AjayKMehrotra (Ajay Mehrotra, Northwestern) @ajurowkleiman (Ariel Jurow Kleiman, San Diego) @andygrewal (Andy Grewal, Iowa) @AriGlogower (Ari Glogower, Ohio State) @ArthurEshiwani (Arthur Eshiwanti, Nairobi) @AshritaPrasad (Ashrita Prasad, OP…
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How A $2 Million Condo In Brooklyn Ends Up With A $157 Real Estate Tax Bill
Bloomberg, How a $2 Million Condo in Brooklyn Ends Up With a $157 Tax Bill: Opaque methods, hypothetical numbers and ‘bonkers’ adjustments shift the property-tax burden toward middle- and working-class New Yorkers. For years, when confronted with complaints of uneven property taxes, the New York City Department of Finance has blamed a state law that…
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NY Times Op-Ed: Be Careful With IRS Reform
New York Times op-ed: I’m the President of the National Taxpayers Union. Be Careful With I.R.S. Reform., by Pete Sepp (President, National Taxpayers Union): Democratic lawmakers plan to boost the Internal Revenue Service’s enforcement authority to help pay for the spending package working through Congress. But while the I.R.S. needs more funding to fulfill its mission,…
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WSJ Op-Ed: The Democrats’ Tax-The-Rich Ruse
Wall Street Journal op-ed: The Democrats’ Tax-the-Rich Ruse, by Phil Gramm & Mike Solon: President Biden’s effort to pass the largest tax increase in U.S. history is based on the verifiably false claim that Americans with high incomes don’t pay their “fair share.” In no other country do the rich bear a greater share 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…