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Taxes, Spending, And Innovation, Michael Simkovic 2019 USC Gould School of Law

Taxes, Spending, And Innovation, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part III: After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left to Live on?, https://ssrn.com/abstract=3340925.

Key Takeaways:

- Innovation is the product of teamwork.

- Engineers and scientists play a critical role.

- Scientific research is insufficiently rewarded financially.

- Taxes can boost innovation by funding human capital investment and basic research.

- The amount of investment is important – who owns financial assets is not.

In formulating taxation and public investment policies, we should carefully consider data and the peer reviewed literature. Claims that we can drive more ...


After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic 2019 USC Gould School of Law

After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part II: Taxes Spending and Innovation, https://ssrn.com/abstract=3335386.

How much can a passive investor with a high-risk tolerance earn on his or her capital?

If history since the end of World War 2 is any guide, between 11 and 14 percent per year before taxes and inflation. After inflation, this comes to around 7 to 10 percent. With good tax planning, the rate of return net of income taxes, inflation, and fees could average around 6.5 to 9.5 percent per year.

A family with $100,000 ...


What A Long Strange Trip It’S Been For The 3.8% Net Investment Income Tax, Ausher M.B. Kofsky, Bryan P. Schmutz 2019 University of Maryland Francis King Carey School of Law

What A Long Strange Trip It’S Been For The 3.8% Net Investment Income Tax, Ausher M.B. Kofsky, Bryan P. Schmutz

Maryland Law Review Online

No abstract provided.


Free Money, But Not Tax-Free: A Proposal For The Tax Treatment Of Cryptocurrency Hard Forks, Danhui Xu 2019 Fordham University School of Law

Free Money, But Not Tax-Free: A Proposal For The Tax Treatment Of Cryptocurrency Hard Forks, Danhui Xu

Fordham Law Review

Cryptocurrency has attracted extraordinary attention as one of the greatest financial innovations in recent years. Equally noticeable are the increasingly frequent cryptocurrency events, such as hard forks. Put simply, a cryptocurrency hard fork happens when a single cryptocurrency splits in two, which results in original coin owners receiving free forked coins. Such hard forks have resulted in billions of dollars distributed to U.S. taxpayers. Despite ongoing regulatory efforts, to date, the Internal Revenue Service (IRS) has yet to take a clear position on the tax treatment of cryptocurrency hard forks. The lack of useful guidance when filing tax returns ...


United States Policy And The Taxation Of International Intangible Income, Stanley I. Langbein 2019 University of Miami School of Law

United States Policy And The Taxation Of International Intangible Income, Stanley I. Langbein

University of Miami Inter-American Law Review

No abstract provided.


Critical Tax Thinking, Edward D. Kleinbard 2019 University of Southern California

Critical Tax Thinking, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

This presentation considers the aims of critical tax studies and offers three suggestions. First, critical tax papers too often fixate on taxes as both the problem and the solution. In many cases, in particular when progressivity is the aim, public spending is the better policy lever. Second, one should not concede that taxation imposes an inexorable tradeoff between efficiency and equity goals. This again understates the importance of the spending side of things. Taxes are a necessary cost of funding spending, and spending in turn, by reaching places where markets are incomplete, can have efficiency payoffs greater than the deadweight ...


Bearing Hospital Tax Breaks: How Non-Profits Benefit From Your Surprise Medical Bills, Taylor N. Armstrong 2019 Georgia State University College of Law

Bearing Hospital Tax Breaks: How Non-Profits Benefit From Your Surprise Medical Bills, Taylor N. Armstrong

Georgia State University Law Review

This Note addresses the growing issue of surprise medical bills and how the United States Tax Code can be used to prevent many patients from receiving these bills. Part I provides a background on surprise billing and market factors that have led to an increase in the bills as well as current legislative solutions to the problem. Part II analyzes the role that hospitals play in the insurance market, the current standards for nonprofit hospitals to receive tax exemption under Internal Revenue Code (IRC) § 501, and how these legal standards fall short of accomplishing the goals of the tax exemption ...


The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll 2019 University of Pennsylvania Law School

The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


Luck And Tax Policy, Mark J. Mazur 2019 Urban-Brookings Tax Policy Center

Luck And Tax Policy, Mark J. Mazur

Ohio Northern University Law Review

No abstract provided.


Cooper V. Commissioner: Give The Inventor A (Learned) Hand, Rebecca R. Dulik 2019 University of Maine School of Law

Cooper V. Commissioner: Give The Inventor A (Learned) Hand, Rebecca R. Dulik

Maine Law Review

Among the Internal Revenue Code’s many rules are some taxpayer-friendly provisions that grant tax benefits. Section 1235 is one such provision, providing to an inventor preferential tax treatment for income from the sale or exchange of a patent. In Cooper v. Commissioner, although the taxpayer inventor satisfied § 1235’s requirements, the Ninth Circuit affirmed the Tax Court’s decision to deny the taxpayer § 1235’s benefits. This Note compares Cooper to other § 1235 cases and argues that Cooper was decided wrongly because of the application of the substance over form doctrine. The substance over form doctrine is overapplied in ...


The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll 2019 University of Pennsylvania Law School

The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


The Effect Of The Internet Era And South Dakota V. Wayfair On The Unitary Business Rule, Phillip Popkin 2019 Boston College Law School

The Effect Of The Internet Era And South Dakota V. Wayfair On The Unitary Business Rule, Phillip Popkin

Boston College Law Review

On June 21, 2018, the Supreme Court in South Dakota v. Wayfair eliminated the sales tax physical presence rule for the Dormant Commerce Clause’s “substantial nexus” requirement. This decision extends a State’s ability to tax interstate commerce. This Comment argues that Wayfair’s expansion of state tax jurisdiction should be applicable all forms of state taxation, as opposed to solely sales tax because it interprets the substantial nexus requirement of the Dormant Commerce Clause. Corporate taxation’s unitary business rule should utilize the changes to the substantial nexus requirement to restore its original intention and adapt to modern ...


Law Library Blog (March 2019): Legal Beagle's Blog Archive, Roger Williams University School of Law 2019 Roger Williams University

Law Library Blog (March 2019): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.


The Tax Cuts And Jobs Act Of 2017: The Salt Deduction, Tax Competition, And Double Taxation, William B. Barker 2019 University of San Diego

The Tax Cuts And Jobs Act Of 2017: The Salt Deduction, Tax Competition, And Double Taxation, William B. Barker

San Diego Law Review

The Tax Cuts and Jobs Act of 2017 (TCJA) made many changes to federal income tax law, but none of them may be as important to the functioning of our federal system as the changes the Act made to the deduction for state and local taxes. The Act, by decreasing taxpayer savings for state and local tax expenditures in both obvious and obscure ways, has substantially increased the burden of paying state and local taxes and is a major threat to state and local government ability to tax for public benefits. The threat to state governments is demonstrated by the ...


Saved By Labell: Local Taxation Of Video Streaming Services, Salvatore Cocchiaro 2019 Fordham University School of Law

Saved By Labell: Local Taxation Of Video Streaming Services, Salvatore Cocchiaro

Fordham Law Review

Over the last few years, Netflix and other video streaming services have erupted to become a preeminent form of entertainment for millennials and the public at large. With traditional forms of entertainment waning, video streaming services represent a novel source of revenue for cities. Local governments currently have numerous tax approaches that may be used to cover these services. Different cities and states have taken distinctive approaches to taxing these services. Certain jurisdictions tax them in line with traditional pay-TV providers under utility taxes, while other jurisdictions tax them under sales or amusement taxes. This Note considers these different approaches ...


Automation Tax Vs Robot-Tax, Vincent OOI 2019 Singapore Management University

Automation Tax Vs Robot-Tax, Vincent Ooi

Research Collection School Of Law

The positive impact of developments in technology on the economy has historically outweighed the disruptive impact on employment. Society has benefited from the efficiency gains derived from the application of technology in production, while workers displaced by these technologies have largely been successfully retrained and employed in other jobs. However, the pace of development of the “Fourth Industrial Revolution” now presents a risk of mass displacement of human labour, particularly in tasks that are repetitive and menial. The “Fourth Industrial Revolution” is characterised by significant progress in a closely-linked cluster of areas such as robot dexterity, machine learning, processing power ...


International Taxation In An Era Of Digital Disruption: Analyzing The Current Debate, Itai Grinberg 2019 Georgetown University Law Center

International Taxation In An Era Of Digital Disruption: Analyzing The Current Debate, Itai Grinberg

Georgetown Law Faculty Publications and Other Works

The “taxation of the digital economy” is currently at the top of the global international tax policymaking agenda. A core claim some European governments are advancing is that user data or user participation in the digital economy justifies a gross tax on digital receipts, new profit attribution criteria, or a special formulary apportionment factor in a future formulary regime targeted specifically at the “digital economy.” Just a couple years ago the OECD undertook an evaluation of whether the digital economy can (or should) be “ring-fenced” as part of the BEPS project, and concluded that it neither can be nor should ...


Billionaire Taxes, Michael Simkovic 2019 USC Gould School of Law

Billionaire Taxes, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Targeted ultra-high net worth wealth taxes can fund reductions in taxes on wages. Wealth taxes are harder to avoid than existing capital gains taxes and inheritance taxes, and can be more precisely targeted toward extreme wealth. Exit taxes to prevent capital flight are consistent with business law principles governing partnerships. Valuation disputes can be managed through existing property tax mechanisms and through private law provisions called "shotgun clauses."

Most experts believe that wealth taxes are constitutional. The critical difference between wealth taxes and income taxes, the realization requirement, exists for administrative convenience, not as a constitutional requirement. Constitutional challenges can ...


The Nonprofit Sector's Uncertain Future In A Post-Tcja America, JT Alston 2019 Brigham Young University Law School

The Nonprofit Sector's Uncertain Future In A Post-Tcja America, Jt Alston

BYU Law Review

The tax deduction for charitable contributions has existed in the Internal Revenue Code in some form since the early 1900s. While the charitable deduction has been preserved in the U.S. tax code for more than 100 years, the Tax Cuts and Jobs Act (TCJA) of December 2017 threatens charities by removing the tax incentive to donate to charity from all but the wealthiest taxpayers. Both charities and nonprofits play a vital role in the U.S. economy by providing some goods and services more efficiently than the public or private sectors. In this Note I explore the role of ...


The Contemporary Tax Journal’S Interview With Eileen Marshall, Rani Vaishnavi Kothapalli 2019 San Jose State University

The Contemporary Tax Journal’S Interview With Eileen Marshall, Rani Vaishnavi Kothapalli

The Contemporary Tax Journal

No abstract provided.


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