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Dark Money Darker? Irs Shutters Collection Of Donor Data, Philip Hackney Jan 2021

Dark Money Darker? Irs Shutters Collection Of Donor Data, Philip Hackney

Articles

The IRS ended a long-time practice of requiring most nonprofits to disclose substantial donor names and addresses on the nonprofit annual tax return. It is largely seen as a battle over campaign finance rather than tax enforcement. Two of the nonprofits involved, social welfare organizations and business leagues, are referred to as “dark money” organizations because they allow individuals to influence elections while maintaining donor anonymity. Many in the campaign finance community are concerned that this change means wealthy donors can avoid campaign finance laws and have no reason to fear being discovered. In this Article, I focus on whether ...


The Rich, Lucas A. Santos Nov 2020

The Rich, Lucas A. Santos

English Department: Research for Change - Wicked Problems in Our World

The rise of the super rich dramatically rose in the 1980’s. The once dominant oil and gas sector was taken over by finance and technology overall. We are able to see a rise of these super rich, or the one percent, and even how quickly they were able to recover from the 2008 Recession. Now, the one percent are making continuous substantial gains in a current world, where a pandemic has struck and many are struggling. I talk about the use of public policy in order to regain this economic gap between the one percent and the rest of ...


Tax Considerations For Funds Structuring In Asia, Vincent Ooi Oct 2020

Tax Considerations For Funds Structuring In Asia, Vincent Ooi

Research Collection School Of Law

Tax considerations play a major role in the decisions of fund managers of where to base their funds. The highly mobile nature of capital has resulted in tax competition, leading to several host jurisdictions for funds in Asia (Hong Kong, Singapore, Labuan, and the BVI) having very similar tax characteristics in terms of low effective corporate income tax rates; no capital gains taxes; no exit taxes; a single tier of taxation; and generally no withholding taxes. Other ways in which jurisdictions have attempted to distinguish themselves include a strong Double Tax Agreement network, certainty on the taxation of the carried ...


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 ...


Proposed Reforms To Singapore Goods And Services Taxation In The Digital Economy, Hern Kuan Liu, Vincent Ooi Feb 2019

Proposed Reforms To Singapore Goods And Services Taxation In The Digital Economy, Hern Kuan Liu, Vincent Ooi

Research Collection School Of Law

With the rapid development of the digital economy and the increasing importance of GST as a source of tax revenue, the Singapore Government has proposed several reforms to tighten the collection of tax revenue and tap its tax base more efficiently. The reforms focus on activating the currently dormant “reverse charge” mechanism to collect GST on supplies of services “imported” by businesses; creating an “overseas vendor registration regime” to catch digital products “imported” by individuals; and clarifying the “place of supply” requirement for supplies of digital products. This article considers the reforms from the perspective of a foreign business that ...


Regulating Offshore Finance, William J. Moon Jan 2019

Regulating Offshore Finance, William J. Moon

Faculty Scholarship

From the Panama Papers to the Paradise Papers, massive document leaks in recent years have exposed trillions of dollars hidden in small offshore jurisdictions. Attracting foreign capital with low tax rates and environments of secrecy, a growing number of offshore jurisdictions have emerged as major financial havens hosting thousands of hedge funds, trusts, banks, and insurance companies.

While the prevailing account has examined offshore financial havens as “tax havens” that facilitate the evasion or avoidance of domestic tax, this Article uncovers how offshore jurisdictions enable corporations to evade domestic regulatory law. Specifically, recent U.S. Supreme Court cases restricting the ...


The Tao Of The Dao: Taxing An Entity That Lives On A Blockchain, David J. Shakow Aug 2018

The Tao Of The Dao: Taxing An Entity That Lives On A Blockchain, David J. Shakow

Faculty Scholarship at Penn Law

In this report, Shakow explains how a decentralized autonomous organization functions and interacts with the U.S. tax system and presents the many tax issues that these structures raise. The possibility of using smart contracts to allow an entity to operate totally autonomously on a blockchain platform seems attractive. However, little thought has been given to how such an entity can comply with the requirements of a tax system. The DAO, the first major attempt to create such an organization, failed because of a programming error. If successful examples proliferate in the future, tax authorities will face significant problems in ...


Marginal Rates Under The Tcja, Reed Shuldiner Jun 2018

Marginal Rates Under The Tcja, Reed Shuldiner

Faculty Scholarship at Penn Law

In this report, Shuldiner argues that although the Tax Cuts and Jobs Act appears to offer an across-the board reduction in individual marginal tax rates augmented by an additional 20 percent reduction in rates on unincorporated business income, the situation is significantly more complex.


Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi Apr 2018

Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi

Research Collection School Of Law

A new dimension to the determination and computation of stamp duties payable in corporate transactions has been introduced due to the Additional Conveyance Duties (“ACD”) Regime. For companies with significant residential property holdings, liability to pay ACD potentially extends to all transactions involving the issuance, transfer or cancellation of equity interests. This paper considers the impact of ACD on several common corporate transactions in Singapore, addressing the risks practitioners may face in being blindsided by potential tax liabilities. Besides highlighting potential pitfalls, this paper explores the use of advance rulings and preferring debt financing over equity financing for tax optimisation.


Dual Residents: A Sur-Reply To Zelinsky, Michael S. Knoll, Ruth Mason Jan 2018

Dual Residents: A Sur-Reply To Zelinsky, Michael S. Knoll, Ruth Mason

Faculty Scholarship at Penn Law

In this article, we respond to Professor Zelinsky’s criticism of our arguments regarding the constitutionality of New York’s tax residence rule. We argue that the Supreme Court’s decision in Wynne requires reconsideration of the New York Court of Appeal’s decision in Tamagni.


21st Century Chinese Art Market Boom, Ayca Deniz Ergin Jan 2018

21st Century Chinese Art Market Boom, Ayca Deniz Ergin

Summer Program for Undergraduate Research (SPUR)

This research paper provides a detailed analysis of how China has become the fastest growing art market around the world. How did the economic development in China led the country to the top in recent years, in contrast to its Western competitors? What is China’s role in the global art market scene? What changes have been made, in a socialist system, to accommodate foreign investors and what future changes should be made to sustain its growth?

Through focusing on the correlation between economic growth and art market expansions, this research develops the relationship through referencing various quantitative and qualitative ...


On The Disparate Treatment Of Business And Personal Salt Payments, Michael S. Knoll Jan 2018

On The Disparate Treatment Of Business And Personal Salt Payments, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act, H.R. 1, would eliminate the federal income tax deduction for nonbusiness state and local taxes while maintaining the deduction for business state and local taxes. That disparate treatment has generated a storm of negative commentary. In this short essay, I consider whether the federal tax law should allow a deduction for business state and local taxes assuming that there is no deduction for nonbusiness state and local taxes. I argue that investors and businesses, including pass-through businesses, should be allowed to deduct state and local property and sales taxes, but not general income ...


Securing Charitable Contribution Deductions, Paul G. Schloemer Dec 2017

Securing Charitable Contribution Deductions, Paul G. Schloemer

Business Administration Faculty Publications

Issues regarding charitable contributions have been a frequent source of contention between the IRS and taxpayers - the charitable contribution deduction was identified as one of the most litigated issues in the National Taxpayer Advocate’s latest report to Congress.1 Thus, a review of the key issues taxpayers encounter in claiming this deduction is warranted.


An Evaluation Of Tax Structure And Practices Of On Board Sales In Brazil, Gregory Altom, Fabio Campos, Haroldo De Lima, Rita Medina, Andrezza Moraes Nov 2017

An Evaluation Of Tax Structure And Practices Of On Board Sales In Brazil, Gregory Altom, Fabio Campos, Haroldo De Lima, Rita Medina, Andrezza Moraes

Graduate Student Works

This study compared the tax costs between on-board sales and airport cafeterias of a mix of twenty-five products composed of beverages, fresh food and snacks in the amount that would be boarded on domestic flights between São Paulo, SP, Rio de Janeiro, RJ and Brasília, DF. The study showed that airlines are paying three times more in taxes than the airport cafeterias. The study suggested that states stop charging taxes for the transfer of unsold products on board, reducing 67% of the fees paid by airlines that practice buy on board (BoB) and guarantee a revenue gain between USD $ 800 ...


Before International Tax Reform, We Need To Understand Why Firms Invert, Michael S. Knoll Sep 2017

Before International Tax Reform, We Need To Understand Why Firms Invert, Michael S. Knoll

Faculty Scholarship at Penn Law

A wave of corporate inversions by U.S. firms over the past two decades has generated substantial debate in academic, business, and policy circles.

The core of the debate hinges on a couple of key economic questions: Do U.S. tax laws disadvantage U.S.-domiciled companies relative to their foreign competitors? And, if so, do inversions improve the competitiveness of U.S. multinational firms both abroad and at home?

There is unfortunately little, if any, empirical work directly determining whether U.S.-based MNCs are currently tax-disadvantaged compared to their foreign rivals, or measuring the amount by which (if ...


Taxation, Competitiveness, And Inversions: A Response To Kleinbard, Michael S. Knoll May 2017

Taxation, Competitiveness, And Inversions: A Response To Kleinbard, Michael S. Knoll

Faculty Scholarship at Penn Law

In this report, I argue that the inversion situation is more nuanced, complex, and ambiguous than Edward D. Kleinbard acknowledges, and I challenge Kleinbard’s claim that U.S. multinationals are on a tax par with their foreign competitors.


(Anti)Poverty Measures Exposed, Francine J. Lipman Jan 2017

(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 ...


Benefit-Cost Analysis And Distributional Weights: An Overview, Matthew D. Adler Jan 2016

Benefit-Cost Analysis And Distributional Weights: An Overview, Matthew D. Adler

Faculty Scholarship

Standard cost-benefit analysis (CBA) is insensitive to distributional concerns. A policy that improves the lives of the rich, and makes the poor yet worse off, will be approved by CBA as long as the policy’s aggregate monetized benefits are positive. Distributional weights offer an apparent solution to this troubling feature of the CBA methodology: adjust costs and benefits with weighting factors that are inversely proportional to the well-being levels (as determined by income and also perhaps non-income attributes such as health) of the affected individuals.

Indeed, an academic literature dating from the 1950s discusses how to specify distributional weights ...


The Economics Of The Political Parties: A Comparison Of Economic Performance Under Conservatives And Liberals, Austin Fischer Jan 2016

The Economics Of The Political Parties: A Comparison Of Economic Performance Under Conservatives And Liberals, Austin Fischer

Honors Program Projects

A topic that has long been a subject of debate is which party in America’s two-party political system has better economic policies. Democrats tout strong economic records, boasting of their tried and true Keynesian principles. Republicans point to the accomplishments of recent presidents in combating recessions with supply-side ideals. This project attempts to look at the actual performance of the economy under Republican and Democratic presidents since 1950, and come to an unbiased conclusion on whose policies really do work better.

This project looks at GDP growth, inflation, unemployment, disposable income, and budget deficits to determine which party’s ...


Tax Inertia: A General Framework With Specific Application To Business Tax Reform, Chris William Sanchirico Jun 2015

Tax Inertia: A General Framework With Specific Application To Business Tax Reform, Chris William Sanchirico

Faculty Scholarship at Penn Law

A surprising degree of bipartisan consensus has lately formed in the United States around two propositions of business tax reform: that something should be done about the “lockout” of US multinationals’ foreign earnings; and that the corporate income tax rate should be reduced. This paper questions whether these two propositions are really consistent. In the process of attempting to provide an answer, it develops a framework for relating and measuring various forms of “tax inertia”: tax-based disincentives to alter investments. Applying this framework, the paper concludes that the current agreement on business tax reform is substantially in disagreement with itself.


Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd Mar 2015

Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd

Pension Action Center Publications

As defined benefit pension plans become more and more rare, the responsibility of saving for retirement falls increasingly on individuals. Many studies have been published about the average or median balances in retirement savings accounts and virtually all of them have reached the same conclusion - most Americans aren’t saving enough money to last them through their retirement years.

In this fact sheet we will take a look at one of the factors that contributes to this problem, that is, the availability of loans and hardship withdrawals from 401(k) retirement accounts, which can lead to lower account balances overall ...


The Deferral Effects Of Passing Through Foreign Subsidiaries’ Passive Income, Chris William Sanchirico, Reed Shuldiner Jan 2015

The Deferral Effects Of Passing Through Foreign Subsidiaries’ Passive Income, Chris William Sanchirico, Reed Shuldiner

Faculty Scholarship at Penn Law

The immediate U.S. taxation of foreign subsidiaries’ passive, but not active income is a scenario of increasing practical importance. This paper builds on Alvin Warren’s recent analysis of this partially deferral-tempering case. It clarifies some of the legal and economic mechanics behind Warren’s formula. It also makes several points de novo. It highlights the conceptual relationship between passive-income pass-through and delayed realization of accrued gains. It points out that delayed realization inside the subsidiary effectively deactivates passive-income pass-through. And it describes when it does and does not matter that the parent takes interim distributions from the subsidiary ...


Reconsidering Corporate Tax Privacy, Joshua D. Blank Nov 2014

Reconsidering Corporate Tax Privacy, Joshua D. Blank

Faculty Scholarship

For over a century, politicians, government officials and scholars in the United States have debated whether corporate tax returns, which are currently subject to broad tax privacy protections, should be publicly accessible. The ongoing global discussion of base erosion and profit shifting by multinational corporations has generated calls for greater tax transparency. Throughout this debate, participants have focused exclusively on the potential reactions of a corporation’s managers, shareholders and consumers to a corporation’s disclosure of its own tax return information. There is, however, another perspective: how would the ability of a corporation’s stakeholders and agents to observe ...


United States National Report On Exchange Of Information, Joshua D. Blank, Ruth Mason Aug 2014

United States National Report On Exchange Of Information, Joshua D. Blank, Ruth Mason

Faculty Scholarship

This National Report was prepared for the 2014 Annual Congress of the European Association of Tax Law Professors, which took place in May 2014 at Koç University, Istanbul, Turkey. This National Report discusses administrative and legal mechanisms, especially the Foreign Account Tax Compliance Act (FATCA), that the United States has deployed to obtain offshore tax information. Portions of this National Report were originally published in Joshua D. Blank and Ruth Mason, “Exporting FATCA,” 142 Tax Notes 1245 (2014).


Revenue, U.S. Government, Bert Chapman Jul 2014

Revenue, U.S. Government, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of U.S. Government revenue receipts and spending during the early years of national history. Presents revenue generation statistics, information on revenue sources, and information on domestic and international political and economic factors affecting government revenue receipts.


Exporting Fatca, Joshua D. Blank, Ruth Mason Mar 2014

Exporting Fatca, Joshua D. Blank, Ruth Mason

Faculty Scholarship

The Foreign Account Tax Compliance Act (FATCA) represents a powerful response by the United States to flagrant offshore tax evasion. Although the new reporting regime has been criticized as unilateral and extraterritorial, this short article, prepared for a symposium hosted by Pepperdine Law Review, shows that multilateralism and cooperation so far have been the keys to implementing FATCA. In addition to spurring bilateral Intergovernmental Agreements (IGAs) to implement FATCA, and copycat legislation in other jurisdictions, for many countries, the FATCA reporting requirements represent an aspirational new global standard for automatic exchange of information – one that would supplement, if not replace ...


The Child Independence Is Born: James Otis And Writs Of Assistance, James M. Farrell Jan 2014

The Child Independence Is Born: James Otis And Writs Of Assistance, James M. Farrell

Communication Scholarship

This chapter is a reexamination of the Writs of Assistance speech by James Otis. In particular, it is a reconsideration of the evidence upon which rests the historical reputation of Otis’s address. Are the claims by historians who credit Otis with sparking the Revolutionary movement in colonial America warranted or not? That reassessment begins with a detailed review of the nature and function of writs of assistance within the political, legal, and economic environment of colonial Massachusetts. It then turns to an analysis of the legal dispute over writs of assistance in the 1761 trial. From there we will ...


Mitt Romney, The 47% Percent, And The Future Of The Mass Income Tax, Lawrence A. Zelenak Jan 2014

Mitt Romney, The 47% Percent, And The Future Of The Mass Income Tax, Lawrence A. Zelenak

Faculty Scholarship

No abstract provided.


Cheating On Their Taxes: When Are Tax Limitations Effective At Limiting State Taxes, Expenditures, And Budgets?, Colin H. Mccubbins, Mathew D. Mccubbins Jan 2014

Cheating On Their Taxes: When Are Tax Limitations Effective At Limiting State Taxes, Expenditures, And Budgets?, Colin H. Mccubbins, Mathew D. Mccubbins

Faculty Scholarship

No abstract provided.