After five years of declines in the number of LSAT test-takers, the LSAC reports that the number of LSAT test-takers in September/October 2014 increased 7.4%, the fourth consecutive period with an increase:
In a recent editorial the New York Times made the claim that Florida Coastal School of Law is participating in a scam. As Dean of Florida Coastal School of Law, and a long-time reader of the Times, I was, to say the least, taken aback. After all, the Times is saying something demonstrably false and which had not been properly fact checked. I am taking this opportunity to provide the information the Times could have had if it had simply asked.
On October 27, the House of Representatives moved to impeach the commissioner of the Internal Revenue Service, John Koskinen. It may seem odd that Koskinen is being punished since he wasn’t commissioner when the IRS scandal broke two years ago. But make no mistake, Koskinen is a worthy candidate for impeachment.
To get to the bottom of the scandal—the deliberate slow-walking or outright denial of applications for tax-exempt status from conservative groups—Congress subpoenaed all the emails of the IRS’s Exempt Organizations Unit head, Lois Lerner. Koskinen, who was sworn in as commissioner on December 23, 2013, failed to act on this subpoena, and on March 4, 2014, the agency erased 422 backup tapes, destroying as many as 24,000 of Lerner’s emails, despite a congressional order mandating relevant IRS records be preserved.
Koskinen knowingly sat on the information that the emails had been destroyed for four months. When he finally offered an explanation of what had happened to the emails, it was buried on page seven of the third attachment to a letter sent to the Senate Finance Committee in a Friday news dump. Koskinen testified before Congress that he had personally confirmed that none of the IRS’s other email backup tapes was recoverable.
This was a lie. Employees from the inspector general’s office later drove to the IRS office in West Virginia, where the backup tapes were kept, and asked for whatever was there. They recovered 700 backup tapes, and with them 1,000 new emails from Lois Lerner. Finally, a Government Accountability Office report in July indicated that the agency had introduced no new safeguards to prevent the targeting of “organizations’ religious, educational, political, or other views” despite a clear mandate to do so. ...
The federal bureaucracy has always been bad at policing employees, but President Obama bears direct responsibility for the problem getting immeasurably worse. Last year, 47 of the 73 federal inspectors general signed a letter decrying the Obama administration for stonewalling their investigations and in some cases actively intimidating investigators. ...
To address the systemic problem, the GOP has to reclaim Congress’s oversight power and push for sweeping civil service reforms. Without them, no significant conservative policy overhaul will ever be implemented, and Americans will be increasingly subject to a complex web of unaccountable and unconstitutional administrative fiefdoms.
Law schools just made some new enemies. This week, lawmakers from both parties sharply criticized U.S. law schools for leaving students with overwhelming debt and degrees that may not get them jobs.
“We need to move away from a system that results in too many law school graduates twisting in the wind,” said Senator Chuck Grassley (R-Iowa) in an e-mailed statement. Putting law graduates in a position from which they might default on federal loans “isn’t good for the graduates, and it isn’t good for the taxpayers,” he added.
Grassley said he was “troubled” by problems illustrated in a new report by Law School Transparency, an advocacy group. The report highlighted the large numbers of under-prepared students being accepted into law schools. Test scores have declined for the lowest-achieving students since 2010 at the majority of law schools. Padding classes with underqualified students, the report said, is “leaving thousands deep in debt with few prospects for employment that will enable them to pay off their debt.”...
Walter Hellerstein (Georgia), A Hitchhiker’s Guide to the OECD’s International VAT/GST Guidelines, 18 Fla. Tax Rev. ___ (2016): "The OECD’s International VAT/GST Guidelines, which are scheduled to be released in their consolidated form at the OECD’s Global Forum on VAT in Paris on November 5-6, 2015, are the culmination of nearly two decades of efforts to provide internationally accepted standards for consumption taxation of cross-border trade, particularly trade in services and intangibles. This article provides a roadmap to the Guidelines, especially for readers who may be unfamiliar with consumption tax principles, in general, or VATs in particular. Part II of the article provides the background to the Guidelines, describing the basic features of a VAT, the problems with which the Guidelines are concerned, and a brief history of the OECD’s efforts to address these problems. Part III discusses the Guidelines’ neutrality principles. Part IV discusses the general rules applicable to business-to-business (B2B) transactions. Part V discusses the general rules applicable to business-to-consumer (B2C) transactions. Part VI discusses specific rules for particular types of supplies. Part VII discusses the Guidelines’ recommendations designed to support a consistent interpretation of the Guidelines, including the use of mechanisms for mutual cooperation and exchange of information and other arrangements allowing tax administrations to work together. Part VIII concludes."
On September 12th America’s Department of Education unveiled a “college scorecard” website containing a cornucopia of data about universities. The government generated the numbers by matching individuals’ student-loan applications to their subsequent tax returns, making it possible to compare pupils’ qualifications and demographic characteristics when they entered college with their salaries ten years later. That information offers the potential to disentangle student merit from university contributions, and thus to determine which colleges deliver the greatest return and why.
As their application numbers collapsed in recent years, a good number of law schools were forced to choose between their academic standards and their finances. With fewer qualified candidates to go around, some decided to shrink their enrollment numbers and forgo a bit of revenue rather than drastically relax their admission criteria. But many others took the path of least resistance, opening their doors to poorly qualified students willing to pay tuition.
As a result, a depressing number of law schools are now filled with students who may simply not belong there. According to a new study released this week by the advocacy group Law School Transparency, there were 37 institutions last year where at least half of all new students scored below a 150 on the Law School Admission Test, or LSAT, up from just nine such schools in 2010. Why is that significant? The group argues that students who fail to break the 150 mark face a "serious risk" of eventually failing their state bar exam once they graduate, which would leave them unable to actually practice law. ...
The College of Charleston recently advised U.S. News that it misreported data that were used in the 2016 Best Graduate Schools rankings.
The misreported data resulted in the school's numerical rank, which U.S. News had calculated but had not published, being higher than it otherwise might have been in the 2016 Best Business Schools rankings. ...
Pursuing impeachment against an agency leader is exceedingly rare, and a step beyond contempt charges, which is the tool House Republicans tried to use against both Lerner and former Attorney General Eric Holder in past disputes.
While impeachment is often thought of as a congressional weapon reserved for presidents, it can apply to “all civil officers of the United States,” on the grounds of treason, bribery or other “high crimes and misdemeanors.”
Given the seriousness of Koskinen’s actions, combined with a Democratic administration’s refusal to enforce the law, you’d think this would be seen as an obvious and necessary case of Congress stepping in to provide accountability where the executive branch has utterly refused and/or failed to do so. But we all know that’s not how political/media narratives work these days. Even conservatives expect the Koskinen impeachment to be portrayed as ridiculous folly on the part of Republicans, because there is virtually no chance of getting 13 Senate Democrats to join with their 54 Republican colleagues to achieve the two-thirds vote necessary for conviction. ...
I’m sure Krauthammer is right about the politics because we’ve seen how this sort of thing has played out in other scenarios. The evidence against Koskinen will be convincing, but Democrats and the media will claim that because it all involves his defiance of congressional directives - and in their opinion Congress shouldn’t have been investigating in the first place - he really didn’t do anything wrong. They used the same argument in defense of Bill Clinton. Sure, he lied under oath and obstructed justice, but there never should have been an investigation in the first place. That is no legal defense of any kind, but they made it work as a political defense and they’ll try to do the same thing with Koskinen.
Harvard Law School, with the support of Ravel Law, a legal research and analytics platform, is digitizing its entire collection of U.S. case law, one of the largest collections of legal materials in the world. It will make the collection available online, for free, to anyone with an Internet connection.
Pfizer Chief Executive Ian Read said Thursday he won’t let potential political fallout deter him from pursuing a tax-reducing takeover that could move the company’s legal address outside the U.S., as Pfizer and rival Allergan confirmed they are in preliminary talks to combine.
In an interview with The Wall Street Journal, Mr. Read, while declining to comment about talks with Allergan, said he had a duty to increase or defend the value of his company, which he said is disadvantaged by the U.S. tax system.
Imagine 4.9 million new jobs. Imagine, instead of President Obama’s income stagnation, average wages rising 12.2% over the next decade. Capital investment rising 43.9%. And Americans at every level of the economy enjoying double-digit increases in after-tax income.
Imagine exports and manufacturing jobs booming. The trade deficit falling as the tax bias against American-made goods is eliminated. Imagine a 10% income tax. Every American filing his or her taxes on a postcard or an iPhone app. And abolishing the IRS as we know it.
The time has come for the legal community — and law schools in particular — to press the reset button on the reputation of our profession. As Deans, we should not stand silent as those with biases and outdated or inaccurate information recycle myths and tired, predictable versions of their “wisdom” about our profession, law schools and the quality of newly minted lawyers. Over and over again.
The overarching challenge facing lawyers and the law school community across the country is that there is virtually no effective public counterweight to offset the worn perceptions repeated by high visibility media and others. We must, together, come to the defense of the value of law and lawyers, and make the compelling case for lawyers’ contribution to society in general and America’s national experiment in democracy, in particular. We need to highlight how valuable lawyers are to our nation’s leadership around the world, and the important role our law schools play in developing lawyers that will provide the legal expertise necessary to assure our nation’s stability in the future.
Sustainability is essential to any reform’s success yet is hardly guaranteed. Future legislatures are not required to accept the internal coherence of prior legislation. In fact, Congress often makes changes that undo prior reform efforts. This Article offers an approach to studying the stability of reform proposals in taxation.
The Charleston School of Law has a new owner and will become a nonprofit in the near future, essentially ending any possibility that The InfiLaw System will purchase the school.
Attorney J. Edward Bell, founding partner of Bell Legal Group, in Georgetown, said in a phone interview today that he paid an undisclosed price to become one of three co-owners of the school along with Robert Carr and George Kosko.
Bell said he will be inaugurated as president of the school on Thursday and will be managing partner of Charleston School of Law LLC, which owns the for-profit institution. ...
Since the advent of the Internet and the subsequent proliferation of online game worlds, millions of people across the physical world have spent vast amounts of time, money, and energy on virtual realms and their virtual lives. Taxation of transactions involving virtual goods may have been laughable at the outset of virtual reality, but the idea now bears serious consideration due to the growth of online video games into a multi-billion dollar industry.
If the [New York Times] Editorial Board's accusations were true—if the “majority of law schools” really were running "“a scam” in which they load down their students with “crushing amounts of debt” which “they can’t repay”—Florida Coastal and other law schools should have among the highest default rates of any institutions of higher education in the country.
They don’t and they aren’t. ...
For the cohort entering repayment in 2012—the most recent year of data available*—the national 3-year cohort default rate on federal student loans was 11.8 percent. The comparable figure for Florida Coastal was only 1.1 percent—more than 10 times lower. ...
Even low ranked law schools with allegedly “outrageously high” tuition generally have much lower student loan default rates than either the national average, or the average for institutions that grant bachelor’s or advanced degrees.
The law of wills, trusts, and estates could benefit from consideration of its development and impact on people of color; women of all colors; lesbian, gay, bisexual, and transgendered individuals; low-income and poor individuals; the disabled; and nontraditional families. One can measure the law’s commitment to justice and equality by understanding the impact on these historically disempowered groups of the laws of intestacy, spousal rights, child protection, will formalities, will contests, and will construction; the creation, operation and construction of trusts; fiduciary administration; creditors’ rights; asset protection; nonprobate transfers; planning for incapacity and death; and wealth transfer taxation. This essay reviews examples of what the authors call “critical trusts and estates scholarship” and identifies additional avenues of inquiry that might be fruitfully pursued by other scholars who are interested in bringing an “outsider” perspective to their work in this area.
For years, congressional Republicans have been very excited about the prospect of impeaching President Obama. At various times, GOP lawmakers have also considered impeaching then-Attorney General Eric Holder, Homeland Security Secretary Jeh Johnson, and EPA Administrator Gina McCarthy. Last week, one Republican congressman said he’s eager to impeach Hillary Clinton, and she hasn’t even won yet.
In each instance, far-right members of Congress have struggled to explain why, exactly, any of these officials actually deserve to be impeached, and Republicans never took their efforts beyond the rhetorical stage.
House Republicans filed papers Tuesday to begin impeachment proceedings against IRS Commissioner John Koskinen over the agency’s alleged campaign to revoke the tax-exempt status of tea party-affiliated groups.
The resolution – filed by Rep. Jason Chaffetz, R-Utah, chairman of the Oversight and Government Reform Committee, and 18 other members of the committee – accuses Koskinen of lying to Congress about agency emails that were found to be missing.
Just on the surface, it’s alarming that too many Republicans look at Congress’ impeachment power as if it were some kind of toy, to be pulled off the shelf and played with whenever it offers opportunities for entertainment.
But what’s also striking about this is the GOP lawmakers’ sense of timing. It was late last week that the Justice Department completed a lengthy and rigorous investigation into the imaginary IRS “scandal,” concluding that no laws were broken and no charges would be filed.
It’s against this backdrop that House Republicans have decided to pursue impeachment against the IRS commissioner who not only did nothing wrong, but who wasn’t even at the IRS at the time of the institution’s alleged misdeeds. ...
That doesn’t change the fact that this partisan tantrum is indefensible. Koskinen took on the job of improving the IRS out of a sense of duty – the president asked this veteran public official to tackle a thankless task, and Koskinen reluctantly agreed. For his trouble, Republicans want to impeach him, for reasons even they can’t rationalize.
It’s ridiculous, even by the low standards of this Congress.
How to combat tax avoidance and evasion? The traditional command-and-control approach bases on the assumption that taxpayers take rational egoistic decisions. They consider the probability of audits and the severity of fines in cases of detected evasion and pay taxes only if audit probability is high, if the risk of detection of evasion is high, and if fines are high. Audits and fines are relevant, however, the effect is rather weak. To understand the motives for tax compliance it is necessary to understand taxpayers’ attitudes towards taxes and tax authorities, their knowledge and understanding of tax laws, their personal and social norms, and fairness concerns related to distributive and procedural justice. Besides the application of deterrence measures to combat tax evasion, it is necessary to establish a sense in society that tax evasion and tax avoidance are wrong.
The events shocked Mr. Hayardeny, a technologist who lives in Seattle, into thinking about his own mortality and how he wanted to prepare a legacy for his children. He is certainly not the first man in his 50s to get his affairs in order after losing relatives or friends.
But instead of turning to the traditional estate planning strategies — wills, trusts and beneficiary designation forms that lawyers and financial planners help clients pull together — Mr. Hayardeny is using a new system called SafeBeyond that keeps written and video wishes safe and private until its users are gone or until a set time. SafeBeyond, which likens itself to Dropbox for the hereafter, is one of several similar cloud-based systems. ...
When beloved actor Robin Williams died in August 2014, he left behind a $100 million estate—and a potential fortune in image licensing. But a clause filed in a trust agreement made public this year means his likeness won’t make money for decades to come.
Williams, best-known for films such as Mrs. Doubtfire and Good Morning, Vietnam, filed a deed to put a restriction on the use of his likeness for 25 years after his death. This prevents his name, photograph, voice or signature from being used in any film, advertisement or endorsement until 2039–and limits his future earnings.
The estates of entertainers featured on our list of Top-Earning Dead Celebrities are able to charge upwards of $500,000 for the use of their image in advertisements, with rare deals climbing into the seven figures. Some, such as James Dean and Bettie Page, also earn royalties from clothing sold with their name attached. Busy cultural icons including Dean and Page tally up a number of licensing deals which inch their posthumous paydays into the many millions.
By restricting the exploitation of his right of publicity, Williams, who died by suicide aged 63, has ensured no one cannot profit from his untimely death—at least not yet. ...
Almost overnight, a persistently sad situation finally has many legal educators squirming. And rightly so.
The problem has been years in the making, as has been the profession’s unwillingness to address it. Federal funding mechanisms have combined with lack of accountability and non-dischargeability in bankruptcy to block the effective operation of market forces in legal education. Well-intentioned policies have gone terribly awry; they actually encourage misbehavior among many law school deans.
In these times of widening inequality, regressive taxation is about the last thing needed in the United States. Yet that is exactly what we observe in every single state: overall state tax regimes (various combinations of income, property, and sales taxes) impose their highest rates on the poor and lower and lower rates as income increases. This article describes Corrective Progressivity (CP), a federal income tax mechanism to undo all of this variegated regressive state taxation in one fell swoop.
In 2015, the Supreme Court heard the second major case surrounding the Affordable Care Act, King v. Burwell. The Court considered whether citizens of states that did not set up Health Insurance Exchanges were prohibited from obtaining a tax credit to offset the cost of health insurance premiums. The question arose from an apparent contradiction between the Affordable Care Act, which appeared to limit the credit to state-established Exchanges only, and an IRS regulation, which granted the Credit to state- or federal-established Exchanges. In its decision, the Court ruled it would not defer to the IRS regulations. The Chief Justice explained that this was because the IRS is not an expert in health care policy, which was at the heart of the regulations. This was surprising to many, especially because the Court’s conclusion agreed with the IRS regulations.
The authors in this Symposium discuss how the King Court may have reached its holding, the potential impacts of its ruling, whether the Chevron doctrine is eroding, and why tax scholars neglected to say more about this case.
Should law schools admit students who are statistically uncertain to pass the bar on the basis of their standardized test scores? A growing conventional wisdom says no. The worry is that such students will build up large amounts of debt that they won't be able to pay back if they don't become lawyers.
This view assumes that it's up to the law schools to make the threshold decision paternalistically, “saving” naive college graduates from pursuing the dream of becoming lawyers when there’s no guarantee that they'll succeed. It treats standardized test scores as destiny and correlation-based studies as gospel.
New York just released the results of the July state bar exam, and they’re not pretty.
The passage rate for graduates of ABA-accredited schools who took the test for the first time was 79%, the lowest figure since at least 2004 [2004-2015 data]. That’s four percentage points below the July 2014 rate, and it’s more than an 11 percentage-point drop-off from 2008 when 90.5% of candidates in that grouping passed the exam.
New York’s overall passage rate, including foreign-educated graduates, was 61%, according to the New York State Board of Law Examiners, which released the data Tuesday. That figure is the lowest recorded in the state in at least 35 years, according to the board.
I'm sure all of you have seen the NYT's dreadful editorial about legal education over the weekend. Of course there were truths in it, but it was remarkably sloppy. It ignores the many reforms taking place in legal education since the crisis began. It also ignores that because of scholarship competition for students, the actual net price of legal education is declining (just ask the budget manager at almost any law school). Whether or not law schools deserve any credit for these changes, the Times shows willful blindness towards these critical factors. In addition the Times strangely suggests that the federal government could "redirect" federal student loan dollars to the worthy cause of improving funding for legal services organization. This completely ignores the fact that lending money to law students is a profitable activity for the government. Even with income based repayment and a somewhat growing number of defaults, the federal government is not "investing" in legal education, it is generating revenue from it.
Resolved, That John Andrew Koskinen, Commissioner of the Internal Revenue Service, is impeached for high crimes and misdemeanors and that the following articles of impeachment be exhibited to the Senate:
Articles of impeachment exhibited by the House of Representatives of the United States of America in the name of itself and of the people of the United States of America, against John Andrew Koskinen, Commissioner of the Internal Revenue Service, in maintenance and support of its impeachment against him for high crimes and misdemeanors.
Article I: John Andrew Koskinen, in his conduct while Commissioner of the Internal Revenue Service, engaged in a pattern of conduct that is incompatible with his duties as an Officer of the United States. ...
Article II: John Andrew Koskinen engaged in a pattern of deception that demonstrates his unfitness to serve as Commissioner of the Internal Revenue Service. Commissioner. Koskinen made a series of false and misleading statements to Congress in contravention of his oath to tell the truth. ...
Article III: John Andrew Koskinen, throughout his tenure as Commissioner of the Internal Revenue Service, has acted in a manner inconsistent with the trust and confidence placed in him as an Officer of the United States. ...
Article IV: John Andrew Koskinen has failed to act with competence and forthrightness in overseeing the investigation into Internal Revenue Service targeting of Americans because of their political affiliations. ...
The IRS targeting and muzzling of conservative groups during the 2012 presidential campaign is an outrage for which almost no one has been held accountable. Which brings us to the news that House Oversight Committee Chairman Jason Chaffetz introduced articles of impeachment on Tuesday against IRS Commissioner John Koskinen. ...
The last impeachment of a cabinet officer or agency head was War Secretary William Belknap in 1876. Then again, no Presidency in decades has treated Congress with the disdain that President Obama has. With rare exceptions he has also refused to dismiss officials when they fail at their most basic obligations. If the House votes to impeach Mr. Koskinen, the Senate then would need a two-thirds vote to convict in a trial, which is unlikely.
Yet the exercise will have the salutary effect of reminding executive-branch officials that they are not a government unto themselves. The U.S. Attorney has refused to honor Congress’s contempt charge against Ms. Lerner for refusing to testify, the Justice Department has closed its investigations into IRS targeting without prosecutions, and the press corps winks at abuses of power when conservatives are the targets. With an executive who refuses to honor the normal separation of powers, Congress is obliged to use its authority to hold government accountable.
Most economists believe that the government should impose Pigovian taxes on firms that produce negative externalities like pollution, yet regulatory agencies hardly ever use their authority to create Pigovian taxes. Instead, they issue command-and-control regulations. Our major point is that, contrary to the conventional wisdom, regulators typically have legal authority to create Pigovian taxes — they just do not use it. While regulators may hesitate to impose Pigovian taxes for a range of political and symbolic reasons, we argue that these reasons do not justify this massive failure of regulatory efficiency. It is time for the regulatory state to take a Pigovian turn.
Leandra Lederman (Indiana) presented Saving the IRS yesterday at Seattle as part of its Faculty Workshop Series:
Our nation’s tax collector—still reeling from a highly publicized investigation into allegedly politically partisan targeting of Tea Party and other right-wing non-profit organizations—is in what one government organization has termed an “existential funding crisis.” During the 2015 tax season, over 60 percent of the taxpayers who called the Internal Revenue Service (IRS) could not get through. That figure is far below where it was even in 1997, when Congress held hearings showcasing taxpayer horror stories and required the IRS to restructure and significantly increase its focus on “customer service.”
The Internal Revenue Service would have an easier time auditing large partnerships, including private-equity firms and hedge funds, under a provision in the bipartisan budget deal announced late Monday night.
The proposal, built on ideas from both parties, would revamp a 33-year-old law that sets the rules for partnership audits and requires the IRS to pass additional taxes to each of the partners. That task has proven difficult for the IRS and has made the biggest and most complex multitiered partnerships extremely tough to audit.
A Government Accountability Office study last year found the IRS audited just 0.8% of large partnerships—those with at least 100 partners and $100 million in assets—compared with a 27.1% audit rate for corporations with at least $100 million in assets. Most of those partnership audits resulted in no additional taxes, and the GAO said it wasn’t sure whether that was because of high compliance or the agency’s inability to find noncompliance.
Junior lawyers are used to feeling like cogs in a machine. According to a new report, a surprising number of law firm leaders expect to be able to replace them with actual machines—and soon.
In a large-scale survey released this month, 35 percent of law firm leaders said they could envision replacing first-year associates with law-focused computer intelligence within the next five to 10 years. That's up from less than a quarter of respondents who gave the same answer in 2011.
As one of the most highly acclaimed fiction writers of his generation, David Foster Wallace had many things to say on a seemingly endless variety of topics. In his last work, the unfinished novel The Pale King, he chose to elaborate on, of all things, tax policy and tax administration. Wallace directed tax topics at one of the novel’s main themes: true adulthood often involves overcoming boredom in the workplace to derive a sense of community and care for others. In a sense, the book serves as a guide on how to become a reasonably happy and fulfilled adult. This Essay integrates archival research from the Collected Works of David Foster Wallace at the Harry Ransom Center at the University of Texas at Austin.
As law schools across the country try to keep their classrooms full, many are admitting students with lesser qualifications, including those with a lower admissions test score — considered an important predictor of whether a graduate will earn the credentials to practice law.
About a third of the 204 accredited law schools had entering classes last year with at least 25 percent of the class consisting of “at risk” students, or those with law school admissions test scores of below 150, according to a new study by Law School Transparency, a nonprofit advocacy organization.
Attention, parents of high-school sophomores: There are financial steps you may want to take before year-end to help your child get more financial aid for the freshman year of college.
A recent executive order signed by President Barack Obama will change the rules for the Free Application for Federal Student Aid beginning with aid for the 2017-18 school year. Families will complete the form based on their “prior prior year” income instead of prior-year income as they do now.
That means that current high-school sophomores who graduate in 2018 will use 2016, not 2017, as the base year in reporting family and student income on their first Fafsa form. The government form is used in determining the amount of grants, loans and other forms of financial aid.
This state is special because storage spots in most other states cannot offer the same tax advantages as Delaware. It is one of only five states without any sales or use tax, meaning that a Manhattan collector who might owe, say, $887,500 in sales tax on the purchase of a $10 million painting at Sotheby’s in New York, would owe nothing by shipping the art to Delaware directly after purchasing it.
Once there, art can be bought and sold within a storage space without any tax on the transactions for as long as it remains there.
The number of students enrolling in the nation’s medical schools has increased 25 percent since 2002, reaching an all-time high of 20,630 this year, according to data released today by the AAMC (Association of American Medical Colleges).
In addition, the total number of applicants to medical school rose by 6.2 percent to 52,550, exactly double the percentage increase from the previous year. First-time applicants—an important indicator of interest in medicine—increased by 4.8 percent to 38,460. ...
Let’s be honest: The Justice Department’s decision not to seek criminal charges against Lois Lerner or anyone else for the IRS controversy is about as surprising as the news dribbling out on a Friday afternoon. After all, The Wall Street Journal reported at the beginning of 2014 — more than 21 months ago — that this was the likely outcome. But the timing could make life uncomfortable for the IRS commissioner, John Koskinen, who returns to Capitol Hill to testify on Tuesday about the Senate Finance Committee’s findings [Part 1, Part 2, Part 3, Part 4] on the agency’s improper scrutiny of Tea Party groups seeking tax-exempt status. The news, unsurprising as it is, that Lerner won’t face criminal charges will undoubtedly add a little edge to the GOP senators’ questioning of Koskinen — though the IRS chief at least won’t have to face the more strident House Republicans this time around.
This paper investigates behavioral responses to inheritance taxation in an inter-temporal framework. Our empirical strategy exploits original quasi-experimental variations created by the French preferential tax scheme for inheritance. The analysis is based on first-time access to a unique longitudinal data set of preferential tax savings from Axa over the period 2003-2013.
Amidst all the other newsworthy topics, the New York Times editorial board made law school debt the lead editorial for today's Sunday edition. And the story line is not good. ...
I don't think the typical member of the legal academy understands the precarious financial condition of legal education. The precariousness exists on two levels: (1) our financial fate is in the hands of the federal government rather than private markets; and (2) the Times editorial suggests that we have a serious appearance problem, which draws down the political capital needed to control our own destiny. With the political winds so goes our budgets.
I think it is important for the Association of American Law Schools (AALS) to take some decisive action in the very near future. In this blog post, I explain where the money comes from to keep the law school doors open and why, as a consequence, we need to pay closer attention to the public image of legal education. I then offer some unsolicited advice to the AALS leadership.
(1) Who pays our bills?
Over the last decade, the federal government has, as a practical matter, taken over the financing of higher ed, including legal education. ... The area in green is the volume of money that could disappear from law school budgets if the federal government imposed a hard limit on federally financed law school lending.
The New York Times editorial board has intervened in the student loan debate, focusing on law schools. There are many problems with the piece, but three are fundamental. First, it inexplicably focuses on limiting federal loans to law schools, when the private loans likely to replace them feature harsher terms. Second, it conflates for-profit and non-profit law schools, saying the latter "increasingly" act like the former, while ignoring clear differences in governance and mission. Third, it provides surprisingly little data to back up its assumptions about defaults—assumptions that one of the Times's own contributors questioned last month.
Today the Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency (“expatriated”) during the third quarter of 2015.
The number of published expatriates for the quarter was 1,426. This is the highest quarterly number of published expatriates ever, surpassing the previous record of 1,335 that was set earlier this year (Q1 2015).
One of us, a former member of the Obama administration, remains a fan of the president. The other, not so much. But we agree on one thing: The excise tax on high-cost health care plans, the so-called Cadillac tax, is good policy. Congress should side with President Obama and resist calls to scrap it. ...
Law school enrollment is the lowest it's been since the 1960's. To remain financially viable, many law schools are admitting many people who face real risk of not completing school or of failing the bar. The bargain is clear: take larger, riskier classes now to survive and deal with the accreditation challenges, angry alumni, and bad press that follow later.
But at what cost, and to whom? And should we collectively enable this bargain?
We need lawyers. Yet too many schools hoping to produce the next generation of lawyers are failing the profession and society today—not to mention the students they're setting up to fail. To reinvigorate the law school pipeline, we must address the substantive issues that drive prospective law students away from the legal profession. We must ensure that law schools make responsible enrollment choices and become more affordable.