Monday, March 3, 2014
The Improving Job Prospects for Law Grads (Especially Those Who Pass the Bar on Their First Attempt)
The Legal Whiteboard: Is the Employment Market for Law Graduates Going to be Improving?, by Jerry Organ (St. Thomas):
Benjamin Jones (Northwestern University, Kellogg School of Management), E.J. Reedy (Director, Kauffman Foundation) & Bruce A. Weinberg (Ohio State University, Department of Economics), Age and Scientific Genius:
(Hat Tip: Greg Mankiw.)
I am re-publishing the ranking of law schools by graduates in BigLaw jobs because the National Law Journal has issued a correction: "We mistakenly omitted five University of Chicago graduates who were hired by Mayer Brown. The addition of these associates brings the percentage of 2013 Chicago graduates at NLJ 250 firms to 55.34%, which moves them from the No. 4 spot to No. 2."
The Top 50 Go-To Law School: These schools sent the highest percentage of new graduates to NLJ 250 firms:
|Rank||Law School||2013 Grads @ NLJ 250||2013 JDs||% of Grads @ NLJ 250||Tuition|
- NLJ Releases Data for 168 Law Schools in its Rankings by Graduates in BigLaw Jobs
- 18 Law Schools Just Missed NLJ Top 50 Ranking of Grads in BigLaw Jobs
- CBS News: Will Lois Lerner Testify Before the House Oversight Committee?
- CNN: Rep. Issa Says IRS's Lois Lerner Will Testify
- Legal Insurrection: Lois Lerner: Still Taking the 5th?
- Mediaite: Lois Lerner’s Attorney Has No Idea Why Darrell Issa Is Claiming She’ll Testify
- Newsmax: Lerner's Lawyer: Issa's Wrong, She Won't testify on IRS
- Politico: IRS Idea Could End Election Debates on Campus
- Politico: Lerner's Attorney Says She Won't Testify, Issa Wrong
- Town Hall: Darrell Issa: Lois Lerner Will Testify Before Congress on Wednesday
- Wall Street Journal: Lawyer: Former IRS Official Lois Lerner Still Not Testifying
- Thomas Jefferson Offers Guaranteed 3-Year 'Merit' Scholarships: 2.0 GPA/140 LSAT = $3k; 2.5 GPA/158 LSAT = $132k
- Law School Rankings by Net Bar Passage Required, Full-time, Long-term Jobs
- The United States of Income Tax
- The IRS Scandal, Day 296
- A Taxing Oscars: $80,000 Swag Bags, Tax Policy, and Divorce in Blue Jasmine
- WSJ: How to Minimize the Damage of the AMT
- Top 5 Tax Paper Downloads
- The IRS Scandal, Day 297
Sunday, March 2, 2014
1. IRS, Gift Bag Questions and Answers:
- The 2014 Oscar “Swag Bag” Is Worth $80,000 — and Counts as Taxable Income
- The Evolution of the Oscar Gift Bag
- Oscar Freebies Balloon To $80K (Don't Tell IRS)
2. U.S. News & World Report, And the Winner of the 'Worst Tax Policy' Oscar Is ..., by Matthew Mitchell (George Mason University):
Film subsidies from the government are a waste of money.
TaxProf Blog, The Wolf of Wall Street Wins Oscar for Best Tax Break:
3. Forbes: Tax Lessons From Woody Allen's 'Blue Jasmine', by Peter J. Reilly:
Wall Street Journal Tax Report: Beware the Stealth Tax: How to Minimize the Damage of the Alternative Minimum Tax, by Laura Saunders:
Saturday, March 1, 2014
Thomas Jefferson Offers Guaranteed 3-Year 'Merit' Scholarships: 2.0 GPA/140 LSAT = $3k; 2.5 GPA/158 LSAT = $132k
Thomas Jefferson Law School has announced the following guaranteed merit scholarships to entering and transfer students (the school charges $44,000 tuition):
Entering Student Merit Scholarships
Beginning with the class that enters August 2014, TJSL has adopted an exciting new scholarship policy. Thomas Jefferson offers guaranteed merit scholarships to first time entering students based on the students highest LSAT score and undergraduate grade point average (UGPA). An entering student is guaranteed to retain his or her scholarship as long as he or she remains enrolled and in good standing. Full-time students receive scholarships for six semesters. ... There is no need to submit a separate scholarship application.
To learn more, go to the Entering Student Merit Scholarships FAQs.
Transfer Student Merit Scholarships
Under its new scholarship program Thomas Jefferson offers guaranteed merit scholarships to transferring students based on the student’s first year law school grade point average. A transferring student is guaranteed to retain his or her scholarship as long as he or she remains enrolled and in good standing. There is no need to submit a separate scholarship application.
To learn more, go to the Transfer Student Merit Scholarship FAQs.
- Dan Filler (Drexel), Thomas Jefferson Law Posts Scholarship Grid. Whither California Accredited Law Schools?
- National Law Journal, Movement To Lower Law School Tuition Gains Steam
Gary Rosin (South Texas) nets out law-school funded jobs from the reported jobs in the Bar Passage Required, Full-time, Long-term category. He identifies the 27 law schools that added at least one percentage point to their reported Bar Passage Required, Full-time, Long-term employment rate, due to law school funded jobs, led by George Washington's whopping 20.7%. He also ranks the 197 law schools by their net Bar Passage Required, Full-time, Long-term employment rate after subtracting out law school funded jobs, led by Penn (#1, with 92%), down to Golden Gate (#197, with 22%). Here are the Top 20:
The average rate is 55.5%. The breakdown by decile is:
Six of the thirteen schools with the lowest net Bar Passage Required, Full-time, Long-term employment rate are in California.
- American Center for Law and Justice: A Partial Victory? No New IRS Rules Before the 2014 Elections
- American Thinker: Dem Senators Back IRS Effort to Institutionalize Targeting of Conservative Groups
- Catholic Education Daily: First Amendment Freedoms Threatened by IRS Proposal, Say Newman Society, Religious Groups
- Daily Caller: Christine O’Donnell’s IRS Case Reveals More Than Just a ‘Smidgen of Corruption’
- The Hill op-ed: GOP So-called Reform of IRS Protects Secret Money, by Reps. Ted Deutch (D-Fla.) & Peter Welch (D-Vt.)
- Huffington Post: Stephen Colbert to IRS: Let Me Make Fun of 'Dark Money' and Super PACs Some More
- Inside Higher Ed: Higher Ed Groups Ask IRS Not to Change Political Activity Rules
- One News Now: Official at Center of IRS Scandal Wants Immunity – Will She Get It?
- PJ Media: Democrats Want to Turn ‘Outrageous’ IRS Abuse Into Official Policy
- Politico: Stephen Colbert Not Joking About IRS Rules
- Power Line: The Collected Cleta: The IRS Scandals
- Power Line: Election Law Experts Join in the Denuniciation of IRS’s Attempt to Curb Free Speech
- Roll Call: Facing 140,000 Comments, Treasury Braces for IRS Hearing, Legal Fight
- Washington Examiner: Spotlight on IRS Commissioner as Political Activity Regulations Provoke Record Outcry
- Washington Post: An Amazing Number of People Care About a Single IRS Rule Change
- Washington Post: Stephen Colbert Weighs in on Proposed IRS Regulation
- Weekly Standard: IRS Abuse Still a Big Problem
- WND: Now Tea Party Has IRS 'Bullies' on the Run
Friday, February 28, 2014
San Francisco Chronicle, Couple's Gold Discovery Will be Taxed at Top Federal Rate:
- Forbes, Couple Finds $10 Million In Gold Coins; Taxes Take Half, by Robert W. Wood
- Fox News, California Couple in $10M Gold Find May Owe Gov’t About Half, Report Says
- Accounting Today, Whistleblower’s Award Ruled Taxable as Ordinary Income
- Bloomberg, Credit Suisse Said to Be Faulted by Senate Over Tax Dodgers, by Alan Katz & David Voreacos
- Citizens for Tax Justice, The Sorry State of Corporate Taxes: What Fortune 500 Firms Pay (or Don’t Pay) in the USA And What they Pay Abroad — 2008 to 2012
- Forbes, Beanie Babies Billionaire Ty Warner Secretly Fought Giving Bank Records to Grand Jury, by Janet Novack
- Legal Times, $60M at Stake in Tax Dispute with Hotel Booking Sites
- L.A. Times op-ed, The Simple Math That Tells You the New GOP Tax Plan Is a Scam, by Michael Hiltzig
- New York Times, For Same-Sex Marrieds, a Tax Season to Look Back, by Tara Siegel Bernard
- Procedurally Taxing, King v Sebelius: Opponents of Affordable Care Act Put Pressure on Courts to Allow Early Challenges to IRS Guidance, by Leslie Book
- Reuters, California Couple Finds $10 Million in Buried Treasure While Walking Dog
- Wall Street Journal, Identity Theft Triggers a Surge in Tax Fraud
- Sas Ansari (Osgoode Hall) & Jackson A. Taylor (Osgoode Hall), Fortuitous Victims: Some Tax Law Consequences of Ponzi Schemes
- Constance A. Anastopoulo (Charleston), Taking No Prisoners: Captive Insurance as an Alternative to Traditional or Commercial Insurance, 8 Entrepren. Bus. L.J. 209 (2013)
- Barry Cushman (Notre Dame), NFIB v. Sebelius and the Transformation of the Taxing Power, 89 Notre Dame L. Rev. 133 (2013)
- Pat Oglesby (Center for New Revenue), How Not to Tax Marijuana
- Willard Taylor (NYU), Does One Size Fit All? Should There be a Single Set of Federal Income Tax Rules for S Corporations and Partnerships?, 8 Entrepren. Bus. L.J. 327-353 (2013).
- Shirley S. Pan (J.D. 2014, Boston University), Note, Closing the Gaps and Loopholes: Analyzing Tax Exemption of Non-profit Hospital Joint Ventures After the Affordable Care Act, 39 Am. J.L. & Med. 671 (2013).
- Robert Singleton (J.D. 2012, University of St. Thomas), Note, Question: Who Says $20 Million Dollars Isn't Substantial? Answer: The IRS Does the "Substantial" Problems With the Laws of Tax Exempt Organizations, 10 U. St. Thomas L.J. 392 (2012)
Diane M. Ring (Boston College), Book Review, 73 Tax Notes Int'l 713 (Feb. 17, 2014) (reviewing Resolving Transfer Pricing Disputes: A Global Analysis (Eduardo Baistrocchi & Ian Roxan eds., Cambridge University Press 2013)):
The Federal Bar Association Section on Taxation hosts the 38th Annual Tax Law Conference today at the Ronald Reagan Building and International Trade Center, 1300 Pennsylvania Avenue, N.W., Washington, D.C. The featured speakers are:
- David A. Hubbert (Deputy Assistant Attorney General, U.S. Department of Justice, Tax Division)
- William J. Wilkins (Chief Counsel, IRS)
Tax panel at today's 2014 Public Interest Environmental Law Conference at Oregon:
Fossil Fuel Deception: The Federal Government’s Participation Through Financial Incentives (Organizer: Mona L. Hymel (Arizona))
The deception of oil causes us to think that we can buy cheap stuff from China, we can live in cheap big houses in the exurbs, and we can keep on driving to CostCo in our SUVs to stock up on that cheap stuff from around the world. Is our economy hostage to cheap oil? Our thirst for oil leads to exploitation of pristine lands and exploitation of native people. Concern about oil justifies military buildup. From a tax perspective, “regular” oil tax benefits like percentage depletion, enhanced oil recovery, and IDCs, while relatively minor in terms of total tax expenditures, never expire and illustrate the strength of the fossil fuel lobby, which resists any cut backs. There are also stealth oil benefits: exemption from AMT and passive activity loss rules, the § 199 deduction, and master limited partnerships. Unconventional oil and gas extraction techniques (fracking and tar sands) reduce the net energy benefit of oil. Energy from oil could be used to transition into a fossil-free economy, but we just seem to keep burning it. A carbon tax could help reduce the incentive to keep drilling and digging ourselves even deeper in the climate change hole.
- Greg Bothun (Oregon)
- Neil Buchanan (George Washington)
- Mona Hymel (Arizona)
- Roberta Mann (Oregon)
- Tracey Roberts (Seattle)
- Walter Wang (San Diego)
Wall Street Journal: All the President's IRS Agents, by Kimberley Strassel:
- Fox News: Rep. Gowdy: Lerner Will 'Never' Get Immunity
- The Hill: IRS Should Keep Eye on the Goal
- Huffington Post: Democrats Push IRS to Limit Dark Money's Political Power With Strict New Rules
- Human Events: The Return of Lois Lerner
- National Review: The IRS Persists
- News Busters: Even the Left Hates the IRS's New Proposed Rules, But Nets Won't Report
- News Max: Chamber Slams IRS for Curbing Free Speech by Nonprofits
- News Max: GOP: Former IRS Exec Lerner Facing Contempt of Congress Charge
- News Max: Mitch McConnell: IRS Must 'Leave 1st Amendment Alone'
- News Max: Rep. Tom Price: IRS Scandal 'Goes Straight to Lois Lerner'
- Open Market.org: CEI Files Comments against IRS Proposed Rules That Would Illegally Restrict 501(C)(4) Speech
- Roll Call: Democratic Senators Join 94,800 in IRS Comments
- Roll Call: IRS Uproar Intensifies
- Wall Street Journal: IRS Unpopularity Contest: The Tax Man's Political Speech Rule Gets More Than 100,000 Comments
- Washington Examiner editorial: IRS Draws a 'Very Deep and Troubling Line in the Sand'
- Washington Examiner: Here's Why Lois Lerner Could be the Webb Hubbell of the IRS Scandal
- Washington Examiner: No Agreement on Hill Panel About IRS Probe Investigator's Status
- Washington Post: Democrats Call for Cap on Political Activities of ‘Social Welfare’ Groups
- Washington Post: IRS Plan to Curb Politically Active Nonprofits Draws Thousands of Comments
- Washington Times: Official’s Testimony Reveals IRS Planned Crackdown Rules in 2012
- WND: Democrats Pushing IRS to Probe Conservatives
- WND: New IRS Rules 'Aim to Elect Democrats'
Thursday, February 27, 2014
Following up on my prior post, Tax Court Seeks Amicus Briefs on Tax Treatment of Egg Donation (more here): Kim Krawiec (Duke) has hosted a Mini-Symposium on Taxing Eggs based on Perez v. Commissioner, No. 9103-12 (Feb. 14, 2014) (Holmes, J.) at The Faculty Lounge:
- Bridget Crawford (Pace)
- Kim Krawiec (Duke)
- Lisa Milot (Georgia)
- Paul Stephan (Virginia)
- Larry Zelenak (Duke)
Update #1: Kim Krawiec (Duke), Taxing Eggs: What Have We Learned?:
Update #2: Kim Krawiec (Duke), Taxing Eggs: The Wrap-up:
Gregg D. Polsky (North Carolina) presents The Untold Story of Sun Capital: Private Equity Monitoring Fees Are Actually Disguised Dividends, 142 Tax Notes 556 (Feb. 3, 2014) (blogged here) at UCLA today as part of its Tax Policy and Public Finance Colloquium Series hosted by Jason Oh, Kirk Stark, and Alexander Wu:
Alan D. Viard (American Enterprise Institute) presents Putting the Commerce Back in the Dormant Commerce Clause: State Taxes, Trade Neutrality, and Nondiscrimination at Northwestern today as part of its Tax Colloquium Series hosted by by Herbert Beller, Charlotte Crane, David Cameron, Philip Postlewaite, Jeffrey Sheffield, and Robert Wootton:
Kimberly S. Blanchard (Weil, Gotshal & Manges, New York) presents Individual Income Tax Reform: Back to the Base, 138 Tax Notes 307 (Jan. 21, 2013), at Temple today as part of its Tax Policy & Administration Colloquium Series hosted by Alice Abreu & Andrea Monroe:
Wall Street Journal: 8960 or Fight! Can't File Your Taxes? Blame ObamaCare, by James Taranto:
Assaf Y. Prussak (S.J.D. 2013, Michigan), The Income of the 21st Century: Online Advertising as a Case Study for the Implications of Technology for Source-Based Taxation, 16 Tul. J. Tech. & Intell. Prop. 39 (2013) (Winner, 2012 International Fiscal Association (USA Branch) Student Writing Competition):
The Pepperdine Law Review publishes two volumes: the Traditional Volume and the Annual Volume. The Annual Volume differs from the Traditional Volume in only two ways: (1) the Annual Volume publishes shorter works, consistent with the guidelines outlined below; and (2) hard copy reprints are printed on demand rather than by default. This volume retains the same editorial standards as material published in the Traditional Volume and bears a Pepperdine Law Review citation because it is part of the same publication.
The Annual Volume features shorter works such as Commentaries and Traditional Book Reviews and innovative, responsive dialogue pieces in the form of Multi-Author Discussions and Book Review Symposia. The Annual Volume allows authors and editors to publish material on a tighter acceptance and publication schedule, eliminating the lengthy editorial calendar of traditional law review publishing. We guarantee decisions on Annual Volume submissions within five business days and will create PDF galleys within two to four weeks depending upon the publication type.
Overview of the Content Types Published in the Annual Volume
For all content types, we accept or reject proposals within five (5) business days. Offers to publish expire within forty-eight (48) hours. Word limits are approximate and inclusive of footnotes.
Commentaries – We publish brief commentary (4000 words) on current topics. All accepted commentary pieces are published on the PLR website and are available in PDF galleys within fourteen (14) days.
Traditional Book Reviews - We publish traditional book reviews (6000 words). Accepted reviews are published on the PLR website and are available in PDF galleys within four (4) weeks of submission. We also strongly encourage supplemental book reviews that respond to recently hosted Book Symposia (see below).
Multi-Author Discussions – We organize brief discussions between scholars on timely issues. Once two or more scholars have agreed to participate, production begins the following week. Opening statements (2000 words) and rebuttals/responses (1000 words) are published to the PLR website on consecutive Mondays. Closing statements (500 words) are published Friday of the second week.
Book Review Symposia – We organize mini-symposia on recently published books and books in pre-publication proofs. This is a dialogue between the author and the reviewers, which begins at a time agreed upon between the author, reviewers, and PLR. Initial reviews (2000 words) and the author’s responses (2000 words) are published to the PLR website on consecutive Mondays. Closing statements (500 words) are published Friday of the second week.
Traditional Volume, Citation: XX PEPP. L. REV. XX (Year)
Annual Volume, Citation: XXXX PEPP. L. REV. XX (Year)
Wall Street Journal op-ed: Connecting the Dots in the IRS Scandal, by Bradley A. Smith (Capital):
New York Times op-ed: Why the I.R.S. Scandal Won't Go Away, by Thomas D. Edsall:
- Office of Management and Budget, Statement of Administration Policy: H.R. 3865 -- Temporary Prohibition on IRS from Modifying Tax-Exemption Requirements for Social Welfare Organizations
- American Center for Law and Justice: That Time Liberals Realized the Obama Administration’s IRS Could Silence Their Free Speech Too
- Daily Caller: Cantor: IRS Actions ‘Hallmark of Authoritarian Nations’
- Daily Caller: House Majority Whip: Obama Administration ‘Will Hold Up Every Firewall They Can’ to Block IRS Investigation
- Daily Caller: Republicans Recall Lois Lerner to Testify on IRS Targeting
- Daily Mail: Disgraced IRS Official Lois Lerner Insists She'll Take the Fifth in ANOTHER Congressional Hearing – Unless She Gets Immunity (or a Judge Orders Her to Talk)
- Fox News: House Passes Bills Aimed at Preventing IRS Targeting, Increasing Transparency
- The Hill: Issa, House GOP to recall Lois Lerner
- Houston News: Cruz: IRS Should Not be Used as a Tool for Partisan Warfare
- Huffington Post Op-Ed: How Far Can the IRS Go in Regulating Political Ads by Nonprofits?, by Ciara Torres-Spelliscy (Stetson)
- MSNBC: An Expensive Search for a Fake Scandal
- National Review: Issa Recalls Lerner for Further Testimony on IRS Targeting
- National Review: Reining In the IRS
- New York Post editorial: Learning From Lois
- News Max: Issa: Ex-IRS Official Lerner Still Must Testify on Targeting
- News Max: Sen. Ron Johnson: Obama Using IRS as Political Tool
- PJ Media: White House Vows to Kill Bill That Would Block New IRS 501(c)(4) Rules
- Politico: GOP Revives Focus on Lois Lerner
- Politico: Lawyer to Darrell Issa: Lois Lerner Facing Threats
- USA Today: House Panel Recalls Lois Lerner to Witness Table
- USA Today: Lois Lerner Wants Immunity in Exchange for IRS Testimony
- USA Today: Tea Party Probe Has Cost IRS $7.9 Million So Far
- Wall Street Journal: Panel Seeks New Testimony by Former IRS Official Over Tea-Party Targeting
- Washington Examiner: IRS to Politically Engaged Citizen Groups: Shut Up
- Washington Examiner: IRS Regs Trample Tea Party's Free Speech, but Unions Get to Keep Their Carve-Out
- Washington Times: House Panel to Compel Lerner to Testify on IRS Targeting of Tea Party
- Washington Times: IRS Says Planned Tea Party Crackdown Rules Won’t be in Place by November
- WND: House Hears Call for Special IRS Prosecutor
Wednesday, February 26, 2014
- Press Release
- Executive Summary
- Statutory Language
- Section-by-Section Summary
- Joint Committee on Taxation Technical Explanation, Revenue Estimate, Distributional Effects, and Macroeconomic Analysis
Press and blogosphere coverage:
- Bloomberg, Camp to Cap Mortgage Benefit While Ending State Tax Break
- Bloomberg, Muni Tax Break Would Be Curbed Under House Republican’s Revamp
- Bloomberg, Republican Tax Plan Hits Finance as Wall Street Ire Grows
- Fiscal Times, Tax Reform Proposal Divides Republicans
- National Journal, Why the Republican Tax Reform Proposal Is Likely Going Nowhere
- New York Times, Tax Overhaul Plan Faces Key Hurdles
- Politico, Democrats Get Election Year Fodder in Dave Camp Tax Plan
- Politico, GOP Avoids Tough Tax Reform Details
- Politico, Republicans Take on Wall Street
- Politico, Republican Tax Writer Borrows Some Democratic Ideas for Revamp
- Reuters, Little Support Expected for U.S. House Republican's Tax Plan
- Salon, Republican Proposes Shockingly Non-Awful Tax Reform, Is Promptly Shot Down
- Wall Street Journal, Boehner Calls Tax Plan 'Beginning of Conversation'
- Wall Street Journal, Camp’s Bank Tax Shows Wall Street Still in Doghouse
- Wall Street Journal, U.S. Private-Equity Tax Change Doubtful This Year, Says Carlyle Co-Founder
- Washington Post, Chairman Camp’s Tax Proposal Gives Republicans an Edge
- Washington Post, House GOP Releases Detailed Tax Plan
Bloomberg: Ortega’s Zara Fashions Tax Avoidance by Shifting Profits to Alps, by Jesse Drucker:
Janice Mays, Democratic Staff Director, Chief Counsel, and Former Chief Tax Counsel of the House Ways & Means Committee received the 2014 Pillar of Excellence Award at the Tax Council Policy Institute's 15th Annual Tax Policy & Practice Symposium in Washington, D.C.:
- Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts
- Bloomberg, Credit Suisse Helped Clients Hide Billions, Senate Says
- Forbes, Credit Suisse Goes to the Mattresses Over Tax Evasion, by Robert W. Wood
- Forbes, Senate Offshore Tax Cheating Report Skewers Credit Suisse and U.S. Justice Department, by Janet Novack
- Los Angeles Times, Senate Probe Accuses Swiss Bank of Helping Rich Americans Evade Taxes
- New York Times, Credit Suisse Helped U.S. Clients Hide Billions in Assets, Senate Report Says
- USA Today, Senators: Spy Tactics in Swiss Bank's Tax Scheme
- Wall Street Journal, Senate Report Blasts Credit Suisse as Soliciting Tax Evaders
Wall Street Journal editorial: Liberals vs. the IRS: Even the Left Doesn't Want the Tax Man Regulating Speech:
- Accounting Today: Congress Prods IRS to Provide Documents on Tax-Exempt Determinations
- American Spectator: Obama’s Assault on the First Amendment
- Boston Globe: IRS Proposal Governing Nonprofits Draws Fire
- Chronicle of Philanthropy: Citizens United Aims to Sue IRS Over Nonprofit Politicking Rules
- Daily Caller: Complaint: IRS ‘Improperly Withheld’ Documents on New Nonprofit Rules
- Dave Camp: Press Release: Camp to IRS: Provide All Documents on IRS Targeting; IRS Has Yet to Fulfill Months-Long Request to Provide Lois Lerner Documents
- Gannett: Will Democrats Let the IRS Silence Liberal Organizations?
- New York Times: Regulating the 'Dark Money' of Politics
- Power Line: Cleta Chronicles: IRS Scandals, Part 3
- Power Line: The IRS’s Latest Attempt to Silence Conservatives
- Sunlight Foundation: IRS Intimidation? House GOP Turns the Tables as Tax Agency Considers Limits on Outside Political Spending
- Town Hall: The GOP's Latest Plan to Go After the IRS
- Washington Post: How Congressional Republicans Are Trying to Use the IRS to Stay United
- Washington Times: Obama’s Proposed IRS Rules to Limit Tax-Exempt Status Concern Liberals, Too
Tuesday, February 25, 2014
The House Ways & Means Committee Republicans today released a tax reform plan, Making Today’s Tax Code Simpler and Fairer while Creating More Jobs and Higher Take Home Pay for American Workers:
The Ways and Means Committee has held more than 30 separate hearings on comprehensive tax reform over the last three years and released three discussion drafts.
This draft is specifically focused on reducing the burden the tax code imposes on small businesses and their workers. With about half of the private sector workforce employed by a small business – a total of nearly 60 million Americans – every dollar spent on complying with an overly complex, burdensome and broken tax code is a dollar that cannot be used for investment, hiring and higher wages for American workers.
The discussion draft contains several core components that simplify tax compliance for small businesses and provide certainty with respect to the ability of small businesses to recover certain costs immediately. These include widely supported reforms such as permanent section 179 expensing and expansion of the “cash accounting” method, amongst other provisions. The discussion draft also includes two separate options designed to achieve greater uniformity between S corporations and partnerships – one that revises current rules and a second that replaces current tax rules with a new unified pass-through regime.
The proposal seeks to modernize tax rules to minimize Wall Street’s ability to hide and disguise potentially significant risks through the abuse of derivatives and other novel financial products – an activity that was a contributing factor to the 2008 financial crisis. The discussion draft also outlines changes to tax rules designed to provide greater simplicity and uniformity.
Despite losing jobs to foreign competitors, America is still using an outdated international tax system designed nearly 60 years ago. Yet, in recent years, virtually every one of our major competitors around the globe has been actively reforming their tax laws. Even our closest neighbors are getting ahead of us, as Canada has already reformed its tax code and Mexico is doing so right now. If we don’t take action, we risk falling further behind.
An American tax code should make it easier for American companies to bring profits earned overseas back home to the U.S. – so they can be invested here – and that is the purpose of the international tax reform draft.
- Ways and Means Discussion Draft
- Discussion Draft Section-by-Section
- Press Release: Camp Releases International Tax Reform Discussion Draft
- Discussion Draft: One Page Highlights
- Discussion Draft: Three Page Summary
- Talking Points and Background: Reforming the Tax Code to Get America Working Again
- Comments: Business Leaders in Support of a Territorial Tax System
Press and blogosphere coverage:
- Bloomberg, Biggest Banks Said to Face Asset Tax in Republican Plan
- Bloomberg, Rate Cut Promise Leads to Corporate Tradeoff in Tax Code Redo
- MSNBC, Don't Weep for Tax Reform
- New York Times, GOP Tax Plan Seeks Lower Rates and Fewer Brackets
- Politico, Republicans Fret Over Tax Reform
- Times, Reid and McConnell: No Tax Reform in 2014
- Wall Street Journal, Congressman Aims to Bridge Party Gap With Tax Plan
- Wall Street Journal op-ed, How to Fix Our Appalling Tax Code, by Dave Camp
- Wall Street Journal, House GOP Tax Overhaul Would Cut Capital Gains, Dividend Rates
- Wall Street Journal op-ed, Suddenly, an Opening for Tax Reform, by Phil Gramm & Mike Solon
- Washington Post, The GOP’s New Tax-Cutting Plan Still Hits the Rich
- Washington Post, House GOP Tax Plan Would Cut Top Rates but Also Hit High Earners With a Surtax
- Washington Post, McConnell: Tax Reform Is Dead