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Full-Text Articles in Law
Rethinking The Penalty For The Failure To File Gift Tax Returns, Jay A. Soled, Paul L. Caron, Charles Davenport, Richard L. Schmalbeck
Rethinking The Penalty For The Failure To File Gift Tax Returns, Jay A. Soled, Paul L. Caron, Charles Davenport, Richard L. Schmalbeck
Faculty Scholarship
In this article, the authors argue that Congress must reform the penalty structure associated with the failure to file gift tax returns if it wants to maintain the integrity of the transfer tax system.
Proposition 13 And The California Fiscal Shell Game, Colin H. Mccubbins, Mathew D. Mccubbins
Proposition 13 And The California Fiscal Shell Game, Colin H. Mccubbins, Mathew D. Mccubbins
Faculty Scholarship
We study the effects of California’s tax and expenditure limitations, especially Proposition 13. We find that Proposition 13 was indeed effective at reducing both ad valorem property taxes per capita and total state and local taxes per capita, at least in the short run. We further argue that there have been unintended second- ary effects that have resulted in an increased tax burden, undermining the aims of Proposition 13. To circumvent the limits imposed by Proposition 13, the state has drastically increased nonguaranteed debt, has privatized the public fisc, and has devolved the authority to lay and collect taxes and …
Making Mountains Of Debt Out Of Molehills: The Pro-Cyclical Implications Of Tax And Expenditure Limitations, Mathew D. Mccubbins, Ellen Moule
Making Mountains Of Debt Out Of Molehills: The Pro-Cyclical Implications Of Tax And Expenditure Limitations, Mathew D. Mccubbins, Ellen Moule
Faculty Scholarship
This paper presents evidence that property tax limits have detrimental effects on state and local revenues during recessions. Property tax limits cause states to rely on income–elastic revenue sources, such as the income tax or charges and fees. Greater reliance on these revenue sources results in greater revenue declines during economic downturns. We present analysis of time–series, cross–sectional data for the U.S. states for each of these conclusions. Our results suggest that states would have fewer and more modest financial problems during economic downturns if they did not enact property tax limitations.