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305,000 Federal Workers/Retirees Owe $3.3 Billion in Back Taxes

The IRS yesterday released its annual federal employee/retiree tax delinquency report, showing that 304,665 federal workers and retirees owed more than $3.5 billion in back income taxes as of September 30, 2014 (a 6.95% increase over last year), a delinquency rate of 3.12%. The highest delinquency rates among Executive Departments...

Osofsky Presents The Case for Categorical Nonenforcement Today at NYU

Leigh Osofsky (Miami) presents The Case for Categorical Nonenforcement at NYU today as part of its Tax Policy Colloquium Series hosted by Daniel Shaviro and Alan Viard: Executive nonenforcement of the law is a hot-button issue. An important question that has surfaced in the debate about such nonenforcement is whether...

U.S. Taxpayers Face the 6th Highest Top Marginal Capital Gains Tax Rate in the OECD

The current federal top marginal tax rate on long-term capital gains in the United States is a total of 23.8 percent (20 percent plus a 3.8 percent tax to fund the Affordable Care Act) for taxpayers with adjusted gross incomes of $200,000 ($250,000 married filing jointly) or more. Show More Summary

Law School Dean Average Tenure Is 2.78 Years, An All-Time Low

A Record Year for New Deans, Nat'l Jurist, Mar. 2015, p. 5: It's been a challenging time for law school deans, and that has translated into an unprecedented number of law schools making leadership changes. In fact, more law school deans started their jobs in 2014 than in any prior...

$42 million Montana mansion owner loses property tax fight

As a homeowner who every year thinks that my local tax assessor has a much too inflated opinion of my house's worth, I certainly sympathize with anyone who fights for a lower real estate tax bill. But even I think the owner of what one real estate company lists as largest private home in Montana was asking a little too much of tax officials. Show More Summary

IRS Releases FY 2014 Data Book

IR-2015-58 (Mar. 24, 2015), IRS Releases FY 2014 Data Book: The Internal Revenue Service today released the 2014 IRS Data Book [individual tables] snapshot of agency activities for the fiscal year. “Fiscal Year 2014 marked the fourth consecutive year IRS appropriations were reduced,” said IRS Commissioner John Koskinen. “These reductions...

Are Lawmakers Forgetting the Benefit Principle of Public Finance?

Truly an issue at the heart of public finance, the current quandary of how to fund U.S. infrastructure spending has risen to new levels. Among a handful proposals circulating in Congress, John Delaney (D-MD)—in what he purports is “a natural deal”—has introduced H.R. Show More Summary

Before I Go: A Stanford Neurosurgeon’s Parting Wisdom About Life and Time

Stanford Medicine News Center, Paul Kalanithi, Writer and Neurosurgeon, Dies at 37: Stanford neurosurgeon Paul Kalanithi, MD, who wrote eloquently and movingly about facing mortality after being diagnosed with lung cancer, died of the disease March 9. He was 37. Kalanithi, who had recently completed his neurosurgery residency at the...

Tax Roundup, 3/24/15: Goldilocks and the medical practice. And: the spirit is willing, but the Tax Fairy is weak.

Reasonable Compensation and the Goldilocks Rule. The IRS has been fighting taxpayers over how much compensation is “reasonable” since Great-grandpa realized […]

Happy Anniversary Obamacare Taxes, Many Happy Returns

At five years old, we can celebrate Obamacare's burdensome taxes and its promise of many more to come, some of which don't even start until 2018.

Budget Alternatives, Credits, and Advances

The House Republican Study Committee offers an alternative budget. The committee’s plan would cut spending by $7.1 trillion over the next decade but would give the Pentagon $570 billion for fiscal year 2016, well above the $523 billion spending cap set back in 2011. Show More Summary

The Best Law Schools For Practical Training

Best Schools For Practical Training, Nat'l Jurist, p. 28, Mar. 2015: The ABA now releases ample data on how many students participate in clinics, externiships and simulation courses. The National Jurist used this data to measure which law schools are delivering when it comes to practical training. As we did...

Michael: Taxing Labor Like Capital Would Reduce Income Inequality and Promote Economic Growth

TaxProf Blog op-ed: Taxing People Like Shares: How Pro-Labour Tax Simplification Can Help Reduce Income Inequality and Promote Long-Term Economic Growth, by Bryane Michael (Oxford University): Stagnant wages in the US have contributed largely to income inequality. No wonder given friendlier capital tax rates, compared with labour. Could the much-debated...

Ted Cruz, Candidate/Canadian & London’s Yank Mayor Showcase Exit Rules

Sen. Ted Cruz, American Canadian, and London's Boris Johnson, British-American, have something in common, and it isn't Donald Trump's hair.

The Role of Taxes in Ted Cruz's Nascent Presidential Campaign

Forbes, Ted Cruz To Run For President: Why His Plan For A Flat Tax May Doom His Candidacy, by Tony Nitti: Should Cruz continue to profess the desire for a flat tax, the Democratic opposition will be downright jubilant, as they will be able to further the perceived economic divide...

The IRS Scandal, Day 684

Forbes, Report Says Former IRS Employees -- Think Lois Lerner -- Can Still Peruse Your Tax Returns, by Robert W. Wood: Could Lois Lerner still take a look at your tax returns on IRS computers? It sounds preposterous, but a new watchdog report says former IRS employees still have access...

Downton Abbey's new tax connection via Rep. Aaron Schock

When Downton Abbey showed up on PBS back in 2011, the hubby and I were avid viewers. We're both Anglophiles, PBS supporters and it had a nice tax hook for me. Thanks to arcane British inheritance and tax laws in the early 20th century,...Show More Summary

Polsky Presents Private Equity Tax Games Today at Pepperdine

Gregg D. Polsky (North Carolina) presents A Compendium of Private Equity Tax Games at Pepperdine today as part of our Tax Policy Colloquium Series: This paper will describe and analyze tax strategies, lawful and unlawful, used by private equity firms to minimize taxes. While one strategy — the use of...

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