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A Better Hope For Campaign Finance Reform, Edward J. Mccaffery Aug 2019

A Better Hope For Campaign Finance Reform, Edward J. Mccaffery

University of Southern California Legal Studies Working Paper Series

There is too much money in American politics, and too much of it comes from too few citizens. Mega-donors like Sheldon Adelson or Tom Steyer make $100 million political expenditures every election cycle. Attempts to limit such large political contributions have failed at every level: judicially, legislatively, and administratively. Much of the academic literature has joined the real world’s sense of despair. This Article takes a new tack. By changing our tax system from an income to a consistent progressive spending tax, the true cost of political expenditures by mega-donors could increase tenfold. By using a strategy of taxing ...


The Superiority Of The Digital Service Tax Over Significant Digital Presence Proposals, Wei Cui Jul 2019

The Superiority Of The Digital Service Tax Over Significant Digital Presence Proposals, Wei Cui

Faculty Publications

Responding to calls for reallocating taxing rights over multinationals’ profits to reflect the place of user value creation, the OECD recently announced a Program of Work to implement international tax reform. I use the European Commission’s 2018 proposal to introduce the “significant digital presence” concept into income tax treaties as an example of the type of approach the OECD favors, and argue that it is inferior to recently proposed digital services taxes (DSTs). DSTs directly address the question of where profits should be allocated and taxed, while SDP proposals subordinate this vital question to superfluous treaty conventions. Global tax ...


Stabilizing “Pillar One”: Corporate Profit Reallocation In An Uncertain Environment, Itai Grinberg Jul 2019

Stabilizing “Pillar One”: Corporate Profit Reallocation In An Uncertain Environment, Itai Grinberg

Georgetown Law Faculty Publications and Other Works

This paper is about how the world reestablishes international tax order.

The paper focuses on the OECD’s work on profit reallocation and asks whether this multilateral effort can be successful in stabilizing the international tax system. The analysis centers on the current leading concepts for reallocating profit among jurisdictions under what is known as “Pillar One” of the OECD work programme. To analyze whether any Pillar One concept can be turned into a stable multilateral regime, it is necessary to specify certain elements of what a proposal to reallocate profits might entail. Accordingly, this paper sets out two strawman ...


What A Long Strange Trip It’S Been For The 3.8% Net Investment Income Tax, Ausher M.B. Kofsky, Bryan P. Schmutz May 2019

What A Long Strange Trip It’S Been For The 3.8% Net Investment Income Tax, Ausher M.B. Kofsky, Bryan P. Schmutz

Maryland Law Review Online

No abstract provided.


After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic May 2019

After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part II: Taxes Spending and Innovation, https://ssrn.com/abstract=3335386.

How much can a passive investor with a high-risk tolerance earn on his or her capital?

If history since the end of World War 2 is any guide, between 11 and 14 percent per year before taxes and inflation. After inflation, this comes to around 7 to 10 percent. With good tax planning, the rate of return net of income taxes, inflation, and fees could average around 6.5 to 9.5 percent per year.

A family with $100,000 ...


Taxes, Spending, And Innovation, Michael Simkovic May 2019

Taxes, Spending, And Innovation, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part III: After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left to Live on?, https://ssrn.com/abstract=3340925.

Key Takeaways:

- Innovation is the product of teamwork.

- Engineers and scientists play a critical role.

- Scientific research is insufficiently rewarded financially.

- Taxes can boost innovation by funding human capital investment and basic research.

- The amount of investment is important – who owns financial assets is not.

In formulating taxation and public investment policies, we should carefully consider data and the peer reviewed literature. Claims that we can drive more ...


If Not Now, When? Us Tax Treaties With Latin America After Tcja, Reuven S. Avi-Yonah May 2019

If Not Now, When? Us Tax Treaties With Latin America After Tcja, Reuven S. Avi-Yonah

Law & Economics Working Papers

Since the 1990s, the US tax treaty network has expanded to include most large developing countries. However, there remains a glaring exception: The US only has two tax treaties in Latin America (Mexico and Venezuela), and one pending tax treaty (Chile). The traditional explanation for why the US has no treaty with, for example, Argentina or Brazil is the US refusal since 1957 to grant tax sparing credits to developing countries. Before the Tax Cuts and Jobs Act of 2017 (TCJA), this explanation was wrong, because the combination of deferral and cross-crediting meant that tax holidays in a source country ...


Does Customary International Tax Law Exist?, Reuven S. Avi-Yonah May 2019

Does Customary International Tax Law Exist?, Reuven S. Avi-Yonah

Law & Economics Working Papers

Customary international law is law that “results from a general and consistent practice of states followed by them from a sense of legal obligation.” “International agreements create law for states parties thereto and may lead to the creation of customary international law when such agreements are intended for adherence by states generally and are in fact widely accepted.” Does customary international law (CIL) exist in tax? There are over 3,000 bilateral tax treaties, and they are about 80% identical to each other, but do they create CIL that binds in the absence of a binding treaty, like for example ...


The Rhode Island Earned Income Tax Credit: History And Analysis, Andrew Boardman May 2019

The Rhode Island Earned Income Tax Credit: History And Analysis, Andrew Boardman

Senior Honors Projects

This paper offers a comprehensive political history of the Rhode Island Earned Income Tax Credit (EITC) and an analysis of Rhode Island EITC recipients. It explores the history of the Rhode Island EITC, an income subsidy available to low-income workers, from its introduction in 1975 through 2018. It details the forces behind expansions and reforms and the effects of those changes. It also analyzes microdata to construct a profile of current EITC recipients. This paper concludes that the Rhode Island EITC has historically been viewed as both a poverty alleviation program and an incentive for labor market work. The Rhode ...


Aba Rpte Conservation Easement Task Force Report: Recommendations Regarding Conservation Easements And Federal Tax Law, W. William Weeks, Turney Berry, Jonathan G. Blattmachr, Jason E. Havens, Nancy A. Mclaughlin, James Slaton, Steve Swartz, Philip Tabas May 2019

Aba Rpte Conservation Easement Task Force Report: Recommendations Regarding Conservation Easements And Federal Tax Law, W. William Weeks, Turney Berry, Jonathan G. Blattmachr, Jason E. Havens, Nancy A. Mclaughlin, James Slaton, Steve Swartz, Philip Tabas

Utah Law Faculty Scholarship

In October 2015, the American Bar Association’s Real Property, Trust and Estate Law (RPTE) section convened a Conservation Easement Task Force. The objective of the Task Force was to provide recommendations regarding federal tax law as it relates to conservation easements. This Report is the culmination of the Task Force’s work.

Part I of the Report is an Executive Summary of the Task Force’s recommendations. Part II provides the background necessary to understand the Task Force’s recommendations. Part III briefly sets forth the Task Force’s comments on the Tax Cuts and Jobs Act of 2017 ...


Critical Tax Thinking, Edward D. Kleinbard Apr 2019

Critical Tax Thinking, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

This presentation considers the aims of critical tax studies and offers three suggestions. First, critical tax papers too often fixate on taxes as both the problem and the solution. In many cases, in particular when progressivity is the aim, public spending is the better policy lever. Second, one should not concede that taxation imposes an inexorable tradeoff between efficiency and equity goals. This again understates the importance of the spending side of things. Taxes are a necessary cost of funding spending, and spending in turn, by reaching places where markets are incomplete, can have efficiency payoffs greater than the deadweight ...


Trying Times: Conservation Easements And Federal Tax Law (April 2019), Nancy Mclaughlin Apr 2019

Trying Times: Conservation Easements And Federal Tax Law (April 2019), Nancy Mclaughlin

Utah Law Faculty Scholarship

Since 2006, the Tax Court, District Courts, and Circuit Courts have collectively issued more than one-hundred decisions relating to the federal charitable income tax deduction for the donation of perpetual conservation easements. This outline discusses these court decisions and other developments in the conservation easement donation context. The outline was prepared for a May 3rd, 2019, program of the same name at the University of Utah S.J. Quinney College of Law. Presenters at the program were Nancy A. McLaughlin, Professor of Law, University of Utah S.J. Quinney College of Law; Stephen J. Small, Attorney at Law, Law Office ...


The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


Automation Tax Vs Robot-Tax, Vincent Ooi Mar 2019

Automation Tax Vs Robot-Tax, Vincent Ooi

Research Collection School Of Law

The positive impact of developments in technology on the economy has historically outweighed the disruptive impact on employment. Society has benefited from the efficiency gains derived from the application of technology in production, while workers displaced by these technologies have largely been successfully retrained and employed in other jobs. However, the pace of development of the “Fourth Industrial Revolution” now presents a risk of mass displacement of human labour, particularly in tasks that are repetitive and menial. The “Fourth Industrial Revolution” is characterised by significant progress in a closely-linked cluster of areas such as robot dexterity, machine learning, processing power ...


Law Library Blog (March 2019): Legal Beagle's Blog Archive, Roger Williams University School Of Law Mar 2019

Law Library Blog (March 2019): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.


International Taxation In An Era Of Digital Disruption: Analyzing The Current Debate, Itai Grinberg Mar 2019

International Taxation In An Era Of Digital Disruption: Analyzing The Current Debate, Itai Grinberg

Georgetown Law Faculty Publications and Other Works

The “taxation of the digital economy” is currently at the top of the global international tax policymaking agenda. A core claim some European governments are advancing is that user data or user participation in the digital economy justifies a gross tax on digital receipts, new profit attribution criteria, or a special formulary apportionment factor in a future formulary regime targeted specifically at the “digital economy.” Just a couple years ago the OECD undertook an evaluation of whether the digital economy can (or should) be “ring-fenced” as part of the BEPS project, and concluded that it neither can be nor should ...


Billionaire Taxes, Michael Simkovic Feb 2019

Billionaire Taxes, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Targeted ultra-high net worth wealth taxes can fund reductions in taxes on wages. Wealth taxes are harder to avoid than existing capital gains taxes and inheritance taxes, and can be more precisely targeted toward extreme wealth. Exit taxes to prevent capital flight are consistent with business law principles governing partnerships. Valuation disputes can be managed through existing property tax mechanisms and through private law provisions called "shotgun clauses."

Most experts believe that wealth taxes are constitutional. The critical difference between wealth taxes and income taxes, the realization requirement, exists for administrative convenience, not as a constitutional requirement. Constitutional challenges can ...


The Games They Will Play: Tax Games, Roadblocks, And Glitches Under The 2017 Tax Legislation, David Kamin, David Gamage, Ari Glogower, Rebecca Kysar, Darien Shanske, Reuven S. Avi-Yonah, Lily Batchelder, J. Clifton Fleming, Daniel Hemel, Mitchell Kane, David Miller, Daniel Shaviro, Manoj Viswanathan Feb 2019

The Games They Will Play: Tax Games, Roadblocks, And Glitches Under The 2017 Tax Legislation, David Kamin, David Gamage, Ari Glogower, Rebecca Kysar, Darien Shanske, Reuven S. Avi-Yonah, Lily Batchelder, J. Clifton Fleming, Daniel Hemel, Mitchell Kane, David Miller, Daniel Shaviro, Manoj Viswanathan

Articles

The 2017 tax legislation brought sweeping changes to the rules for taxing individuals and business, the deductibility of state and local taxes, and the international tax regime. The complex legislation was drafted and passed through a rushed and secretive process intended to limit public comment on one of the most consequential pieces of domestic policy enacted in recent history. This Article is an effort to supply the analysis and deliberation that should have accompanied the bill’s consideration and passage, and describes key problem areas in the new legislation. Many of the new changes fundamentally undermine the integrity of the ...


The Death Of The Income Tax (Or, The Rise Of America's Universal Wage Tax), Edward J. Mccaffery Feb 2019

The Death Of The Income Tax (Or, The Rise Of America's Universal Wage Tax), Edward J. Mccaffery

University of Southern California Legal Studies Working Paper Series

Recent proposals from Alexandria Ocasio-Cortez (D NY) to raise the top marginal tax rates under the income tax, and from Senator Elizabeth Warren (D Mass), to add a stand-alone wealth tax to the existing mix of taxes, are promising beginnings. They have burst forth from a veritable desert of progressive tax alternatives in the public political discussion. But both sets of ideas suffer from an allegiance to the status quo; both operate within the existing paradigm of nominally attempting to tax “income” and “wealth” – wealth transfers, in the case of the status quo, wealth itself, in the case of Warren ...


Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades Jan 2019

Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades

Faculty Publications

For the first time since independence, in a nation founded in large part on the rejection of a fixed nobility determined by birth and perpetuated by inheritance, America is paving the way for the creation of dynastic family wealth. Abolition of the Rule Against Perpetuities in over half the states along with sharp reductions in, and likely elimination of, the federal estate tax mean that there soon will be no obstacles to creating large pools of dynastic wealth insuring lavish incomes to heirs for generations without end. The timing of these legal changes could hardly be worse. Marshaling innovative economic ...


The Unconstitutional Tampon Tax, Bridget J. Crawford, Emily Gold Waldman Jan 2019

The Unconstitutional Tampon Tax, Bridget J. Crawford, Emily Gold Waldman

Pace Law Faculty Publications

Thirty-five states impose a sales tax on menstrual hygiene products, while products like spermicidal condoms and erectile dysfunction medications are tax-free. This sales tax--commonly called the “tampon tax”--represents an expense that girls and women must bear on top of the cost of biologically necessary items that they need in order to attend school, work, and otherwise participate in public life. This article explores the constitutionality of the tampon tax and argues that it is an impermissible form of gender discrimination under the Equal Protection Clause. First, menstrual hygiene products are a unique proxy for female sex, and therefore any ...


The Critical Tax Project, Feminist Theory, And Rewriting Judicial Opinions, Bridget J. Crawford Jan 2019

The Critical Tax Project, Feminist Theory, And Rewriting Judicial Opinions, Bridget J. Crawford

Pace Law Faculty Publications

Introduction to Symposium on Feminist Judgments: Rewritten Tax Opinions.


The Futility Of Walls: How Traveling Corporations Threaten State Sovereignty, Darren Rosenblum Jan 2019

The Futility Of Walls: How Traveling Corporations Threaten State Sovereignty, Darren Rosenblum

Pace Law Faculty Publications

Inversions--mergers in which one firm merges with another abroad to avoid taxes in its home country--have spread as globalization has reduced many of the transactional costs associated with relocating. As firms acquire the power to choose the laws that govern them, they challenge the sovereignty of nation-states, who find their ability to tax and regulate firms depleted. States and firms compete in a game of cat and mouse to adapt to this new global reality. The subversion of state power by these firms reveals the futility of walls, both literal and regulatory. This Essay describes the phenomenon of these “traveling ...


Navigating 21st Century Tax Jurisdiction, Hayes R. Holderness Jan 2019

Navigating 21st Century Tax Jurisdiction, Hayes R. Holderness

Law Faculty Publications

Hailed as a massive victory for the states, the Supreme Court’s 2018 decision in South Dakota v. Wayfair, Inc. brought dated state tax jurisdiction standards into the twenty-first century, freeing the states to tax internet vendors. However, the decision left the larger state tax jurisdiction doctrine undertheorized and at a crossroads: should the doctrine concern itself only with notice and fairness issues akin to those found in the due process personal jurisdiction realm, or should it also concern itself with protecting interstate commerce from undue state tax burdens?

This Article argues for the latter path by developing a robust ...


Wealth Accumulation At Elite Colleges, Endowment Taxation, And The Unlikely Story Of How Donald Trump Got One Thing Right, Mae C. Quinn Jan 2019

Wealth Accumulation At Elite Colleges, Endowment Taxation, And The Unlikely Story Of How Donald Trump Got One Thing Right, Mae C. Quinn

UF Law Faculty Publications

President Donald Trump has declared war on immigrants, diversity, and those who dare to dissent. Rooted in resentments about who people are, where they were born, and what they believe, these executive-led assaults are dangerous developments in the modern era. However, in the course of Trump's many retrograde tirades, he has somehow managed to get one thing right-too many elite private colleges in the United States, considered nonprofit entities, have amassed way too much wealth.
This Article recounts this unlikely story, including how the Trump Administration's 2017 endowment tax could work to advance diversity. The new endowment tax ...


Taxing The Robots, Orly Mazur Jan 2019

Taxing The Robots, Orly Mazur

Faculty Scholarship

Robots and other artificial intelligence-based technologies are increasingly outperforming humans in jobs previously thought safe from automation. This has led to growing concerns about the future of jobs, wages, economic equality and government revenues. To address these issues, there have been multiple calls around the world to tax the robots. Although the concerns that have led to the recent robot tax proposals may be valid, this Article cautions against the use of a robot tax. It argues that a tax that singles out robots is the wrong tool to address these critical issues and warns of the unintended consequences of ...


Ministerial Magic: Tax-Free Housing And Religious Employers, Bridget J. Crawford, Emily Gold Waldman Jan 2019

Ministerial Magic: Tax-Free Housing And Religious Employers, Bridget J. Crawford, Emily Gold Waldman

Pace Law Faculty Publications

Religious organizations enjoy many of the same benefits that other non-profit organizations do. Churches, temples and mosques, for example, generally are exempt from local real estate taxes. Economically speaking, a tax exemption has the same effect as a subsidy; freedom from tax liability means that the organization can devote its financial resources to other activities. But where an exemption afforded to a religious employee is broader than the equivalent exemption available to a secular employee, a significant Establishment Clause concern is raised. The parsonage exemption of Internal Revenue Code Section 107 presents such an issue: ministers are permitted to exclude ...


The Ncaa And The Irs: Life At The Intersection Of College Sports And The Federal Income Tax, Richard L. Schmalbeck, Lawrence A. Zelenak Jan 2019

The Ncaa And The Irs: Life At The Intersection Of College Sports And The Federal Income Tax, Richard L. Schmalbeck, Lawrence A. Zelenak

Faculty Scholarship

Few organizational acronyms are more familiar to Americans than those of the National Collegiate Athletic Association (NCAA) and the Internal Revenue Service (IRS). Although neither organization is particularly popular, both loom large in American life and popular culture. Because there is a tax aspect to just about everything, it should come as no surprise that the domains of the NCAA and the IRS overlap in a number of ways. For many decades, the strong tendency in those areas has been for college athletics to enjoy unreasonably generous tax treatment-sometimes because of the failure of the IRS to enforce the tax ...


Social Welfare And Political Organizations: Ending The Plague Of Inconsistency, Roger Colinvaux Jan 2019

Social Welfare And Political Organizations: Ending The Plague Of Inconsistency, Roger Colinvaux

Scholarly Articles and Other Contributions

This article considers the use of social welfare organizations for political purposes, assesses the damage, and offers solutions. Part I of the article provides an overview of present law and compares social welfare and political organizations in the context of political campaign intervention. Part II considers the many serious ongoing harms that have resulted from the current legal framework. Part III assesses different solutions. The article concludes that in general, the disclosure and financing rules concerning the political activity of social welfare and political organizations should be consistent. Consistent rules would reduce incentives to deceive regulators and the public and ...