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Tax Cannibalization And Fiscal Federalism In The United States, David Gamage, Darien Shanske 2017 Northwestern Pritzker School of Law

Tax Cannibalization And Fiscal Federalism In The United States, David Gamage, Darien Shanske

Northwestern University Law Review

We began this project pondering a riddle. Most state governments have adopted what we—and many others—view as clearly suboptimal tax policies, especially in regard to the taxation of corporate income and capital gains. Yet, with the notable exception of those who oppose progressivity and the taxation of capital, state-level tax policymakers have had remarkably little appetite for reform. This Article provides one major explanation for this riddle by identifying and demonstrating a phenomenon that we label as “tax cannibalization.” We argue that flawed state-level tax policies derive in part from perverse incentives inadvertently created by the federal government.


Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady 2017 Northwestern Pritzker School of Law

Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady

Northwestern University Law Review

A new, “supercharged” form of IPO has slowly developed over the last twenty years. This new form of IPO takes advantage of several seemingly unrelated provisions of the tax code to multiply pre-IPO owners’ proceeds from a public offering without reducing the amount public investors are willing to pay for the stock. Supercharged IPOs use a tax receivable agreement to transfer tax assets created by the IPO back to the pre-IPO ownership, “monetizing” the tax assets. As these structures have become more efficient, commentators have expressed concerns that these agreements deceive shareholders who either ignore or do not understand the ...


Taft V. Bowers: The Foundation For Non-Recognition Provisions In The Income Tax, James R. Repetti 2017 Boston College Law School

Taft V. Bowers: The Foundation For Non-Recognition Provisions In The Income Tax, James R. Repetti

Boston College Law School Faculty Papers

Taft v. Bowers is a Supreme Court decision that is rarely studied in law schools or discussed by scholars. Yet, it is a case of vast significance. In the Taft decision, the Supreme Court confirmed that Congress may create non-recognition exceptions to the income tax that merely defer the recognition of income, rather than permanently exclude it. If the Taft case had been decided differently, it is likely that the number of non-recognition provisions in the Internal Revenue Code ("Code") would be significantly reduced.


Regulating Tax Return Preparation, Jay A. Soled, Kathleen DeLaney Thomas 2017 Rutgers University

Regulating Tax Return Preparation, Jay A. Soled, Kathleen Delaney Thomas

Boston College Law Review

Annually, the U.S. government collects nearly $3 trillion of income and employment taxes. With respect to these collections, Form 1040 (U.S. Individual Income Tax Return) seeks to ensure taxpayer accuracy. Currently, two sets of players dominate the Form 1040 preparation and submission process: tax return preparers and tax return preparation software companies. The former guides taxpayers through the entire tax return preparation and submission process, and the latter provides taxpayers with the necessary tools to complete and submit tax returns themselves. Tax return preparers and tax software companies thus stand as vital intermediaries between the government and taxpayers ...


Kaplow And Shavell And The Priority Of Income Taxation And Transfer, David H. Blankfein-Tabachnick, Kevin A. Kordana 2017 Michigan State University College of Law

Kaplow And Shavell And The Priority Of Income Taxation And Transfer, David H. Blankfein-Tabachnick, Kevin A. Kordana

Faculty Publications

No abstract provided.


A Consumer Protection Rationale For Regulation Of Tax Return Preparers, Pippa Browde 2017 Alexander Blewett III School of Law at the University of Montana

A Consumer Protection Rationale For Regulation Of Tax Return Preparers, Pippa Browde

Faculty Law Review Articles

Of the 150 million tax returns filed each year, approximately fifty-six percent are prepared with the help ofa paid preparer. Although state-licensed lawyers and certified public accountants may prepare tax returns for clients, the vast majority ofpaid tax return preparers are completely unregulated. For low-income taxpayers who are eligible for refundable tax credits, these unregulated tax return preparers do more than just fill out tax returns. Return preparers who serve low-income taxpayers often also market consumer credit products, such as refund anticipation loans or checks. Government agencies and consumer advocates have documented widespread problems with the tax return preparer industry ...


The Fallacious Objections To The Tax Treatment Of Carried Interests, Jeffrey H. Kahn, Douglas A. Kahn 2017 Florida State University College of Law

The Fallacious Objections To The Tax Treatment Of Carried Interests, Jeffrey H. Kahn, Douglas A. Kahn

Scholarly Publications

No abstract provided.


In Search Of Smarter Homeowner Subsidies, Matthew Rossman 2017 Case Western University School of Law

In Search Of Smarter Homeowner Subsidies, Matthew Rossman

Faculty Publications

Critics have long assailed the federal tax code’s principal homeowner subsidies as lucrative tax breaks for upper income households that are essentially worthless to those financially constrained from purchasing a home. This article examines the subsidies through a different lens and reveals another serious flaw. It demonstrates how the homeowner subsidies, which represent a massive federal investment in homeownership, do very little to contain and instead probably increase costs on others that result from certain types of housing choices and that other federal policies seek to remedy. These negative housing externalities include: (i) blight, deterioration, and public health risks ...


Latinos And The Internal Revenue Code: A Tax Policy Primer For The New Administration, Leo P. Martinez 2017 UC Hastings College of the Law

Latinos And The Internal Revenue Code: A Tax Policy Primer For The New Administration, Leo P. Martinez

Faculty Scholarship

No abstract provided.


Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano 2017 Brooklyn Law School

Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano

Brooklyn Journal of Corporate, Financial & Commercial Law

The foreign tax credit, which saves U.S. taxpayers from paying both foreign and domestic income taxes on the same income, is critical to facilitating global commerce. However, as savvy taxpayers discover increasingly complicated ways to abuse the foreign tax credit regime through the structuring of business transactions, courts have become increasingly skeptical of the validity of those transactions. Using the economic substance doctrine, a common law doctrine codified in 2010 at I.R.C. § 7701(o), courts will disallow tax benefits stemming from a transaction that is not profitable absent its tax benefits, and which the taxpayer had no ...


How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber 2017 Brooklyn Law School

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on ...


How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber 2017 Brooklyn Law School

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on ...


(Anti)Poverty Measures Exposed, Francine J. Lipman 2017 University of Nevada, Las Vegas -- William S. Boyd School of Law

(Anti)Poverty Measures Exposed, Francine J. Lipman

Scholarly Works

Few economic indicators have more salience and pervasive financial impact on everyday lives in the United States than poverty measures. Nevertheless, policymakers, researchers, advocates, and legislators generally do not understand the details of poverty measure mechanics. These detailed mechanics shape and reshape poverty measures and the too often uninformed responses and remedies. This Article will build a bridge from personal portraits of families living in poverty to the resource allocations that failed them by exposing the specific detailed mechanics underlying the Census Bureau’s official (OPM) and supplemental poverty measures (SPM). Too often, when we confront the problem of poverty ...


The Great Etf Tax Swindle: The Taxation Of In-Kind Redemptions, Jeffrey Colon 2017 Fordham University School of Law

The Great Etf Tax Swindle: The Taxation Of In-Kind Redemptions, Jeffrey Colon

Faculty Scholarship

Since the repeal of the General Utilities doctrine over 30 years ago, corporations must recognize gain when distributing appreciated property to their shareholders. Regulated investment companies (RICs), which generally must be organized as domestic corporations, are exempt from this rule when distributing property in kind to a redeeming shareholder. In-kind redemptions, while rare for mutual funds, are a fundamental feature of exchange-traded funds (ETFs). Because fund managers decide which securities to distribute, they distribute assets with unrealized gains and thereby significantly reduce the future tax burdens of their current and future shareholders. Many ETFs have morphed into investment vehicles that ...


Reforming The Tax Incentives For Higher Education, Camilla E. Watson 2017 University of Georgia School of Law

Reforming The Tax Incentives For Higher Education, Camilla E. Watson

Scholarly Works

Federal spending on higher education has long been controversial, primarily because it has grown exponentially since the 1950s but it has produced a system which many regard as too expensive and grossly inefficient. The soaring costs are placing higher education beyond the reach of many Americans, and of those who enter college, less than half complete their degrees. Particular criticism has been directed toward the education tax incentives, enacted mostly in the late 1990s, which shifted federalfunding for higher education from direct benefits to students in the form of grants, loans and work-study programs to indirect benefits through the tax ...


Income Tax At 100 Years : Essays And Reflections On The Income War Tax Act, Jinyan Li 2017 Osgoode Hall Law School of York University

Income Tax At 100 Years : Essays And Reflections On The Income War Tax Act, Jinyan Li

Books

Income Tax at 100 Years: Essays and Reflections on the Income War Tax Act commemorates the 100th anniversary of Canada's Income War Tax Act, 1917, with papers and panel discussions from a wide range of distinguished contributors: tax practitioners, both accountants and lawyers; academic experts in tax law, economics, and public policy; judges; journalists; and policy makers from both the Department of Justice and the Canada Revenue Agency. The book considers, among other things, the historical context from which Canada's modern income tax system emerged, demonstrating how the tax law was shaped by the challenges that faced the ...


Simplexity: Plain Language And The Tax Law, Joshua D. Blank, Leigh Osofsky 2017 New York University School of Law

Simplexity: Plain Language And The Tax Law, Joshua D. Blank, Leigh Osofsky

Articles

In recent years, federal government agencies have increasingly attempted to use plain language in written communications with the public. The Plain Writing Act of 2010, for instance, requires agencies to incorporate "clear and simple" explanations of rules and regulations into their official publications. In the tax context, as part of its "customer service" mission, the Internal Revenue Service bears a "duty to explain" the tax law to hundreds of millions of taxpayers who file tax returns each year. Proponents of the plain language movement have heralded this form of communication as leading to simplicity in tax compliance, more equitable access ...


Donor Advised Funds: Charitable Spending Vehicles For 21st Century Philanthropy, Roger Colinvaux 2017 The Catholic University of America, Columbus School of Law

Donor Advised Funds: Charitable Spending Vehicles For 21st Century Philanthropy, Roger Colinvaux

Scholarly Articles and Other Contributions

The donor advised fund (DAF) is changing longstanding giving norms in United States philanthropy. DAF contributions now account for around 8.4% of giving by individuals in the U.S. Over half of those contributions go to national DAF sponsors that have relationships with large commercial investment firms like Fidelity, Vanguard, and Schwab. This Article seeks to advance the understanding of the donor advised fund and to address two of the main policy questions: whether to require a mandatory distribution of funds by DAFs and their sponsoring organizations and how to respond to the increased use of DAFs for noncash ...


The Importance Of A Participatory Charitable Giving Incentive, Roger Colinvaux 2017 The Catholic University of America, Columbus School of Law

The Importance Of A Participatory Charitable Giving Incentive, Roger Colinvaux

Scholarly Articles and Other Contributions

Leading tax reform proposals contemplate a charitable deduction claimed by just five percent of taxpayers. Such a limited deduction would fatally undermine the foundations of a giving incentive that has fostered an altruistic and pluralistic society through its broad-based participation and would seriously harm the charitable sector. Section 501(c)(3) would recede in importance as setting the standard for a public benefit organization. More gifts would go to private benefit and political organizations. The article argues that a charitable deduction for the few should be rejected. Instead, Congress should consider expanding the charitable giving incentive by extending it to ...


The Expatriation Tax, Deferrals, Mark To Market, The Macomber Conundrum And Doubtful Constitutionality, Henry M. Ordower 2017 Saint Louis University School of Law

The Expatriation Tax, Deferrals, Mark To Market, The Macomber Conundrum And Doubtful Constitutionality, Henry M. Ordower

All Faculty Scholarship

Taxpayers shift income offshore with lawful devices like operating through a foreign corporation. Taxpayers have enhanced the amount of that income lodged outside the U.S. with transfer pricing strategies. Andtaxpayers have evaded U.S. taxation of their worldwide income by secreting assets and income in tax haven, bank secrecy jurisdictions. Statutes, regulations and litigation seek to limit use of offshore opportunities toavoid the U.S. income tax. Penalties for taxpayers and their foreign hosts have been enacted to prevent thehiding of assets offshore. This article reviews many of those techniques and statutory or regulatory responses in the context of ...


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