Tax policy enthusiast.
Washington, DC
Joined December 2017
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Larry: Can we speak about Israel? I have been struggling to form my views, and I have appreciated your takes.Perhaps you could send me an e-mail at [email protected]. Steve Rosenthal
The Republicans control the Senate (and the House), so blame them for the shutdown. They could easily whittle away further the filibuster rule. So, why don't they? To avoid Republican accountability for shredding our health care system, not to protect Democrat "minority" rights.
@HC_Richardson: "Republicans control the Senate and could end the filibuster for the continuing resolution that would fund the government, thus enabling them to pass it through the Senate with a simple majority if they wanted to. Instead, they want Democratic votes for it. . ."
We compare approaches to tax unrealized gains--and pick our favorite.
Perspective: @stevertax and @Rob_McClelland examine various proposals to tax unrealized gains, concluding that the best approach is to tax gifts and bequests of appreciated assets at death at a higher rate than during life. taxnotes.co/42nRIbC
I collected and posted my takes on exempting tips, taxpolicycenter.org/taxvox/h…
I posted a new blog explaining @SenateFinance dispute last week over the tax rates of the nation's highest-income taxpayers, 34 or 8 percent. I think in the middle, but the size of their tax rates are less important than their massive unrealized gains. taxpolicycenter.org/taxvox/r…
118 IRS tax law specialists spent 21,327 hours on six notices on the alternative tax for 100-150 corporations, as of May 4, 2024 (before yesterday's 603 pages of proposed regulations). tigta.gov/sites/default/file… What if the IRS had devoted these resources to pursuing tax cheats?
603 pages of alternative tax regulations for 150 corporations, a massive waste of resources. As legislation, the alternative tax was a poor substitute for a corporate rate increase. And, now, more than two years later, proposed regulations, time better spent elsewhere.
Tomorrow, @WaysMeansCmte will mark up H.R. 190, the “Saving Gig Economy Taxpayer Act” or, better called, the Helping Tax Cheats Over Taxpayers Act. It would help gig workers hide their income from the IRS. Helping taxpayers who cheat hurts those who don't. taxpolicycenter.org/taxvox/b…
For those interested in legal perspectives, I had a good conversation with Don Susswein, a conservative lawyer, on what the Court's overruling of the Chevron doctrine might mean for tax. We shared lots of observations, without speaking over each other. pod.link/TaxNotesTalk/episod…
A deep dive into the tax exemption for tips by @smerconish, with my take included. cnn.com/2024/08/17/business/…
No honor among thieves: former President Trump claims Vice President Harris stole his idea to exempt taxes from tips. But Rep. Bacon introduced it first, as H.R. 7870.
And Trump was not even the first presidential candidate to endorse exempting tips to Nevada voters. For the sake of sensible tax policy, let's just hope what happens in Vegas stays in Vegas. lasvegassun.com/news/2012/ja…
Before Trump's current campaign to exempt tips, he, as President, sought to allow employers to seize pooled tips--and steal workers' wages. washingtonpost.com/news/food…
My take on exempting tips from taxes from @lukegarrett202, npr.org/2024/08/11/nx-s1-507…. And why encourage more tipping? My local bagel shop now asks for tips. Do we also want my grocer to ask for tips? What about my plumber? I, for one, would like fewer tip requests, not more.
Prof. Reuven Avi-Yonah and I wrote a short road map for Congress to maintain the IRS rulemaking authority, post Loper Bright, taxpolicycenter.org/taxvox/c…
TPC's new primer on Vice President Harris's tax proposals: taxpolicycenter.org/taxvox/k… Our chart illustrates the distribution of benefits from Harris's LIFT Act, which targets the young and poor. An auspicious plan to boost a new generation.
New write-up on how the overriding the Chevron doctrine will upend tax regulations. Nice description by @MichaelMechanic
Just when the IRS was starting to get its mojo back, the Supreme Court had to go and throw a wrench into the works.
The court's recent "Chevron" decision could wreak havoc on federal tax law.
@MichaelMechanic reports: motherjones.com/politics/202…
Nice discussion of Moore, the Supreme Court's new decision on taxing unrealized income (or, as reframed by the Court's majority opinion, whether Congress may attribute an entity's realized and undistributed income to the entity's owners).
SCOTUS issued a narrow ruling in Moore v. US, a case designed to kill Congress' power to pass a wealth tax. As I note in this @MotherJones story, the right-wing group bankrolling Moore wanted (ahem) more. And they might get it eventually. cc: @stevertax motherjones.com/politics/202…
