Tax Policy Center

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Steven M. Rosenthal

Senior Fellow

I like simple tax solutions to difficult policy challenges.

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Brief

This year, Congress will consider what may be the biggest tax bill in decades. This is one of a series of briefs the Tax Policy Center has prepared to help people follow the debate. Each focuses on a key tax policy issue that Congress and the Trump administration may address. This brief walks...

April 20, 2017
Steven M. Rosenthal
Journal Article

In this article, Rosenthal argues that Republican presidential nominee Donald Trump aggressively stretched the law to avoid hundreds of millions of dollars of discharge of indebtedness income.

This article was originally published by TaxNotes.

November 7, 2016
Steven M. Rosenthal
Testimony

This testimony describes how taxes on corporate earnings have dropped because of corporate moves to avoid taxes and because of shareholder shifts from taxable to nontaxable accounts. Secondly, the testimony describes how a lower estimate of the taxable share of US stock complicates attempts to...

May 17, 2016
Steven M. Rosenthal
Journal Article

In this report, Rosenthal and Austin demonstrate that the share of U.S. stocks held by taxable accounts has declined sharply over the last 50 years, and they urge lawmakers to carefully consider this shareholder base erosion when determining how best to tax corporate earnings.

May 16, 2016
Steven M. Rosenthal, Lydia Austin
Journal Article

We explore issues related to a financial transaction tax (FTT) in the United States. We trace the history and current practice of the tax in the United States and other countries, review evidence of its impact on financial markets, and explore the key design issues any such tax must address. We...

February 26, 2016
Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, James R. Nunns, Steven M. Rosenthal
Brief

The massive financial market failures that led to the Great Recession have prompted renewed calls for a financial transaction tax (FTT) to discourage excessive risk taking and recoup the costs of the crisis. A well-designed FTT could raise up to about 0.4 percent of GDP ($75 billion in 2017) in...

January 20, 2016
Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, James R. Nunns, Steven M. Rosenthal
Working paper

In response to the financial market crisis and Great Recession, there has been a resurgence of interest in financial transaction taxes (FTTs) around the world. We estimate that a well-designed FTT could raise about $50 billion per year in the United States and would be quite progressive. We...

June 30, 2015
Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, James R. Nunns, Steven M. Rosenthal
Journal Article

In a recent Tax Notes article, Shay argued that Treasury could write regulations to reduce the tax incentives for U.S. corporations to expatriate. Rosenthal agrees with Shay and analyzes the legal support for regulations under section 385.

September 30, 2014
Steven M. Rosenthal
Journal Article

Private equity has grown exponentially: it now controls and operates a large number of the companies in our economy. But private equity is just that: private. Its operations are confidential and difficult to parse. This article attempts to demystify the business of private equity. It also...

September 24, 2013
Steven M. Rosenthal

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