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More Jobs versus More Children

Dan Mitchell’s article today in the Wall Street Journal about why need marginal tax rate cuts rather than child tax credits has elicited a response from Jim Pethokoukis of AEI: From 1987 through 1992 — after the much ballyhooed 1986 tax reform — the top marginal rate was around 31%, yet real GDP growth averaged just 2.8%. Show More Summary

DOJ Allows Bank of America to Deduct $12 Billion of $17 Billion Settlement

Wall Street Journal, BofA Could See $4 Billion in Tax Savings From $16.65 Billion Settlement;Parts of Settlement Reached Over Soured Mortgage Securities Will Be Tax Deductible: Bank of America Corp.will pay roughly $4 billion less to the government after-tax than the $16.65 billion it agreed to in a settlement over...

Why Did American University’s Law School Plunge in the Rankings?

Washington City Paper, Why Did American University’s Law School Plunge in the Rankings?: American University’s law school woos its students with a chance at the kind of international law jobs in which they might handle classified documents. In the spring of 2012, however, one graduate says his classmates got some...

How Much Would An Individual Tax Rate Cut Add to the Deficit, and Who Would Benefit?

Reducing tax rates is a guiding principal of most tax reform plans. Even Democrats who see reform partly as a tool to boost revenues agree that some money generated by eliminating tax preferences ought to go to rate reduction. But how...Show More Summary

ObamaCare Tax Forms Pose Challenge for Enrollees, Exchanges

Washington Times, Obamacare Tax Forms May Pose Challenge for Enrollees, Exchanges: Obamacare customers won’t be able to file their tax returns next year until the government sends them a form detailing their coverage and tax credits, and if those forms are late some taxpayers could face a delay in seeking...

6 signs it's time for married couples to reconsider their federal joint or separate tax-filing options

Former Virginia Gov. Bob McDonnell and his wife Maureen are on trial, facing charges of taking $177,000 in gifts and loans from Star Scientific in exchange for promoting the firm's dietary supplements. But the former first couple of the Old Dominion has more than just legal and political troubles. Show More Summary

Dear Committee Members: A Novel

Slate Book Review: Strongest Possible Endorsement: A Funny and Lacerating Novel of Academia Written in the Form of Letters of Recommendation: I have been tasked with assessing Julie Schumacher’s Dear Committee Members, an epistolary novel consisting entirely of fictionalized letters of recommendation penned by professor Jason Fitger (failed novelist, failed...

Focus on Economic Growth, Not Tax Credits

Dan Mitchell from the Cato Institute recently wrote about the debate over increasing the child tax credit or lowering marginal tax rates. He says lower marginal tax rates would have a bigger impact on the incentive to work and could lead to a better economy in the long run. Show More Summary

The Obamacare Medical Device Tax is Not Working as Planned

The Treasury Inspector General for Tax Administration released a report this week on significant challenges with enforcing the Affordable Care Act’s Medical Device Tax. The medical device tax is a 2.3 percent excise tax on the sale price of qualifying medical devices. Show More Summary

Tax Roundup, 8/21/14: IRS says saving the company still “passive;” Tax Court says otherwise And: the $105.82 c-note!

Programming note: No Tax Roundup will appear tomorrow, August 22.   I will be up in Ames helping teach the ISU […]

Tax Profs on Twitter

Ben Alarie (Toronto): @BAlarie Steve Black (Texas Tech): @taxprof Jack Bogdanski (Lewis & Clark): @bojack54 Craig Boise (Cleveland State): @CMLAWDean Sam Brunson (Loyola-Chicago): @smbrnsn Len Burman (Syracuse): @lenburman Paul Caron...Show More Summary

The Deductibility of $100 Charitable Contributions to ALS in the Ice Bucket Challenge

Forbes: Could The IRS Disallow Ice Bucket Challenge Charitable Contributions?, by Tony Nitti: So let’s say you were challenged via social media to either take the Ice Bucket Challenge or contribute to ALS. Assume further that you are unable or unwilling to get cold and wet, and choose instead to...

Measuring Merit: The Shultz-Zedeck Research on Law School Admissions

Kristen Holmquist, Marjorie Shultz, Sheldon Zedeck & David Oppenheimer (all of UC-Berkeley), Measuring Merit: The Shultz-Zedeck Research on Law School Admissions, 63 J. Legal Educ. 565 (2014): Law schools profess a commitment to racial diversity both for the educational benefits diversity confers and for its contribution to the profession. But...

The IRS Scandal, Day 469

Breitbart: Federal Judge Takes Extraordinaru Steps in IRS Lawsuit: The order from U.S. District Court Judge Emmett Sullivan was certainly clear enough. In a landmark victory for Judicial Watch, the federal judge ordered the IRS to submit sworn declarations detailing what happened to Lois Lerner’s “lost” emails and what steps...

When Payroll Taxes Pyramid It Means Penalties, Even Jail

Payroll Taxes are Pursued Aggressively by the IRS, with Personal Liability For Owners, Officers, and Check Signers. And Some Violations Mean Jail.

IRS issues Applicable Federal Rates (AFR) for September 2014

The IRS has issued (Rev. Rul. 2014-22) the minimum required interest rates for loans made in September 2014: Short Term (demand loans […]

Anna Nicole Smith’s Estate Loses Yet Another Run At The Marshall Fortune

Former Playboy Playmate, Guess jeans model, reality TV star and eventual prolific litigator Anna Nicole Smith claimed, for years, that her deceased husband, Howard Marshall, wanted her to have his fortune. Following her death, her executor, Howard Stern, continued to make the same argument for years. Show More Summary

Which States Give You the Biggest Bang For Your Buck?

Tax Foundation, The Relative Value of $100: Which States Offer the Biggest Bang For Your Buck?: Tax Foundation, The Real Value of $100 in Metropolitan Areas:

Survey: Grads Give High Marks to Law Schools for Professors, Training & ROI, But Not Job Placement

Kaplan, Class of 2014 Law School Graduates Give Their Schools Solid Grades in Professor Quality, “Practice Ready” Training and ROI — But Job Placement Gets More “F”s than “A”s: According to a Kaplan Bar Review survey of over 1,200 law school graduates from the class of 2014, a strong majority...

The Real Value of $100 in Metropolitan Areas

We recently published a map showing how far $100 would take you in different states. For example, in states with low costs of living, like Arkansas, $100 had the same sort of purchasing power that $115 would have in an average state. We...Show More Summary

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