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Full-Text Articles in Law
Tax Now Or Tax Never: Political Optionality And The Case For Current-Assessment Tax Reform, David Gamage, John R. Brooks
Tax Now Or Tax Never: Political Optionality And The Case For Current-Assessment Tax Reform, David Gamage, John R. Brooks
Faculty Scholarship
The U.S. income tax system is broken. Due to the realization doctrine and taxpayers’ consequent ability to defer taxation of gains, taxpayers can easily minimize or avoid the taxation of investment income, a failure that is magnified many times over when considering the ultra-wealthy. As a result, this small group of taxpayers commands an enormous share of national wealth yet pays paltry taxes relative to the economic income their wealth produces—a predicament that this Article condemns as being economically, politically, and socially harmful. The conventional view among tax law experts has assumed that the problems created by the realization doctrine …
The Federal Collection Of State Individual Income Taxes, Nicholas J. Letizia
The Federal Collection Of State Individual Income Taxes, Nicholas J. Letizia
Fordham Urban Law Journal
States have traditionally relied on taxes to finance the expansion of services, and most states have enacted broad-based income taxes which yield additional revenue without raising tax rates. Federal grant-in-aid and revenue sharing funds also increase a state's fiscal resources and relieve pressure for additional taxes. Revenue Sharing was intended to replace restricted grants-in-aid and permit state and local governments to receive federal funds pursuant to an allocation basis which rewarded state and local tax efforts. An unutilized provision of Revenue Sharing provides for the optional piggybacking of state income taxes upon the federal income tax. The Internal Revenue Service …