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Taxes, Spending, And Innovation, Michael Simkovic 2019 USC Gould School of Law

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 ...


After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic 2019 USC Gould School of Law

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 ...


Afterlife Of The Death Tax, Samuel D. Brunson 2019 Loyola University Chicago, School of Law

Afterlife Of The Death Tax, Samuel D. Brunson

Indiana Law Journal

More than a century ago, Congress enacted the modern estate tax to help pay for World War I. Unlike previous iterations of the estate tax, though, this one outlived the war and accumulated additional goals beyond merely raising revenue. The estate tax helped ensure the progressivity of the tax system as a whole, and it limited the hereditary ability to accumulate wealth.

This modern estate tax almost instantly met with opposition, though. The opposition has never been sufficient to entirely eliminate the estate tax, but it has severely weakened its ability to raise revenue and to prevent the accumulation of ...


Billionaire Taxes, Michael Simkovic 2019 USC Gould School of Law

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 ...


Table Of Contents, Seattle University Law Review 2019 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades 2019 William & Mary Law School

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

Boston College Law Review

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 Critical Tax Project, Feminist Theory, And Rewriting Judicial Opinions, Bridget J. Crawford 2019 Elisabeth Haub School of Law at Pace University

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.


Elaine Gagliardi On The Family Limited Partnership In 2018: Powell, Cahill, And Income Tax Basis At Death, Elaine H. Gagliardi 2018 Alexander Blewett III School of Law at the University of Montana

Elaine Gagliardi On The Family Limited Partnership In 2018: Powell, Cahill, And Income Tax Basis At Death, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

The Tax Court’s 2017 holding in Estate of Powell v. Commissioner1 followed by its 2018 decision in Estate of Cahill v. Commissioner,2 signals a need to rethink how best to structure the family limited partnership and the terms of the partnership agreement. In a shift away from its historical approach to analyzing gross estate inclusion of family limited partnership assets, the Powell court endorses application of Section 2036(a)(2)3 to include the value of partnership assets in decedent’s gross estate, and in an unprecedented step employs Section 2043 to determine the value of family limited ...


A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze 2018 College of William & Mary Law School

A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze

William & Mary Bill of Rights Journal

No abstract provided.


The Republic Of Virtue: The Republican Ideal In British And American Property Law, Maxwell M. Garnaat 2018 Cornell Law School, J.D. Candidate 2019

The Republic Of Virtue: The Republican Ideal In British And American Property Law, Maxwell M. Garnaat

Cornell International Law Journal

As the estate tax comes under increasing pressure from all sides, it is important that we determine just how rooted in American ideals such a measure truly is. On the one hand, it is true that Lockean theories of private property remain a stalwart influence on the nation, one which may be used to argue against the estate tax. On the other hand, however, the equally venerable theory of republicanism— one adopted and developed by the Framers themselves— can justify its continuation. Applying the principles of republicanism to this specific context, one can see how closely its tenets align with ...


The Contemporary Tax Journal Volume 7, No. 2 – Summer 2018, 2018 San Jose State University

The Contemporary Tax Journal Volume 7, No. 2 – Summer 2018

The Contemporary Tax Journal

No abstract provided.


Front Matter (Letter From The Editor, Masthead, Etc.), 2018 San Jose State University

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.


Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd 2018 Liberty University

Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd

Texas A&M Law Review

Funding higher education is among the critical financial decisions made by individuals and families. There are myriad options. Yet, the conventional wisdom—namely using Section 529 Plans—may not be the optimal vehicle to effectuate this goal. Therefore, this Article discusses various strategies to plan, save, and pay for higher education. It compares various savings methods including gifts, UTMA accounts, Section 529 Plans, trusts, and other vehicles. The analysis explores both tax and non-tax considerations, including the effect of different strategies on financial aid, transaction costs, investor control, income taxes, gift and estate taxes, flexibility, and creditor protection. This Article ...


Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”, James M. Puckett 2018 University of Oklahoma College of Law

Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”, James M. Puckett

Oklahoma Law Review

No abstract provided.


Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett 2018 Penn State Law

Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett

Journal Articles

The federal income tax can and should do more to address wealth disparities and income inequality. The income tax does not directly count wealth, and the realization rule and basis "step-up" at death exclude substantial amounts of income for the wealthy. The Constitution limits Congress's ability to tax wealth. Despite these serious challenges, this Article considers how to potentially bridge the gap between wealth and the income tax. For example, asset-based phase-outs in the income tax should pass muster without apportionment, although their bite would necessarily be limited. The Article posits that the public would be more receptive to ...


Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime, Jay A. Soled, Richard L. Schmalbeck 2018 Duke Law School

Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime, Jay A. Soled, Richard L. Schmalbeck

Faculty Scholarship

Until recently, in those circumstances where there was a valuation range with respect to a particular asset, executors faced a choice: among estates subject to the estate tax, declaring a high value would increase the estate tax liability; however, due to the Internal Revenue Code's "basis equal to fair market value" rule applicable at death, declaring a low value would expose heirs to a greater capital gains tax on subsequent asset disposition. Because the estate tax rates were higher and that tax was immediate (as opposed to deferred until a later sale by the heir), executors typically minimized asset ...


The Centennial Of The Estate And Gift Tax: Perspectives And Recommendations, Panel 1, James R. Repetti, Jennifer Bird-Pollan, Paul L. Caron, David Joulfaian 2017 Boston College Law School

The Centennial Of The Estate And Gift Tax: Perspectives And Recommendations, Panel 1, James R. Repetti, Jennifer Bird-Pollan, Paul L. Caron, David Joulfaian

Jennifer Bird-Pollan

Welcome and Introductory Remarks James Repetti, William J. Kenealy, S.J. Professor, Boston College Law School Panel 1: Whether it is desirable to tax the gratuitous transfer of wealth during life or at death Participants: Jennifer Bird-Pollan (University of Kentucky College of Law) Paul Caron (Pepperdine University School of Law) Dr. David Joulfaian (U.S. Department of the Treasury) Commentator and Moderator:James Repetti (Boston College Law School)


Property Tax Exemption For Charitable Nonprofit Organizations: A Uniform Possibility, Jaclyn A. Cherry 2017 University of South Carolina - Columbia

Property Tax Exemption For Charitable Nonprofit Organizations: A Uniform Possibility, Jaclyn A. Cherry

Faculty Publications

Under current property tax regimes in this country charitable nonprofit organizations are treated differently not only from state to state and city to city, but also municipality to municipality within each state. For Example, in New Jersey, Princeton University was recently sued by citizens even after entering into an agreement with the local municipality to make payments in lieu of property taxes, and hospitals now question what the property tax exemption law in their state requires since the Governor recently pocket-vetoed legislation that would have made a profound impact on them. Additionally, Boston, Massachusetts and Pittsburgh, Pennsylvania ask charitable organizations ...


Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn 2017 Pepperdine University

Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Elaine Gagliardi On Uncertain Times: Anticipating Change And Reacting To Recent Wealth Transfer Tax Developments, Elaine H. Gagliardi 2017 Alexander Blewett III School of Law at the University of Montana

Elaine Gagliardi On Uncertain Times: Anticipating Change And Reacting To Recent Wealth Transfer Tax Developments, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

Looming on the horizon is the very real possibility of estate tax repeal. In the interim for those clients needing to immediately make estate planning decisions, the question becomes what planning strategies best meet client needs in the face of an uncertain estate tax. Acknowledging that the ultimate answer depends on individual circumstances and goals, some common planning strategies nevertheless emerge as better options than others to address particular client goals, especially those of married couples. These planning strategies work well now and can be adapted to work well under the most likely Congressional response to repeal. Republicans have alluded ...


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