The “tax gap”—the difference between the amount of taxes owed and the amount of tax actually paid—includes substantial gray areas where the law is ambiguous and the IRS’s determination of taxes owed is debatable. Understanding the tax gap’s shades of gray can inform discussions of tax law and...
The “tax gap”—the difference between the amount of taxes owed and the amount of tax actually paid—includes substantial gray areas where the law is ambiguous and the IRS’s determination of taxes owed is debatable. Understanding the tax gap’s shades of gray can inform discussions of tax law and...
Steven M Rosenthal, senior fellow, testified before the US House of Representatives Committee on Ways and Means, Oversight Subcommittee at a hearing on “Tax Fairness.” In his testimony, he examines President’s Trump’s reported taxes as a case study. Mr. Rosenthal assesses tax fairness through...
Steven M. Rosenthal, Senior Fellow at the Urban-Brookings Tax Policy Center, testified before the House Ways and Means Subcommittee on Oversight during a hearing entitled “Legislative Proposals and Tax Law Related to Presidential and Vice-Presidential Tax Returns.” In his testimony, Rosenthal...
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...
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.
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...
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.
The New York Times reported that Chicago businessman Barre Seid donated his entire business, tax free, to the Marble Freedom Trust, a tax-exempt advocacy organization...
The Inflation Reduction Act (IRA) approved by Congress last week included a new 1 percent stock buyback excise tax on US publicly traded corporations. Many...
President Joe Biden and Senate Finance Committee Chair Ron Wyden (D-OR) have proposed different ways to tax unrealized capital gains every year. Their shared goal...
The “tax gap”—the difference between taxes owed to the government and taxes actually collected—often is equated with evasion . But the tax gap is more...
In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. But it’s...
Mega-IRAs are hot this summer, following a June 2021 report by the nonprofit news service ProPublica that revealed—based on leaked IRS files—that a handful of...
In his American Families Plan, President Biden unveiled a tax compliance initiative aimed at closing the gap between taxes that are owed and what are...
Last week, a group of prominent academic and government economists published a study that estimated the top 1 percent of Americans hide more than 20...
Our new analysis shows that foreign investors owned about 40 percent of US corporate equity in 2019, up substantially over the last few decades. Retirement...
Yesterday, I testified before the Ways and Means Subcommittee on Oversight on “tax fairness,” and the hearing spotlighted the reporting of new details on President...
Treasury Secretary Steven Mnuchin and the IRS are right: Because the hundreds of billions of dollars the businesses are getting through the Coronavirus Aid, Relief,...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act grants massive tax relief for business losses, but most of the benefits will be reaped by...
Last week , I debated American Enterprise Institute resident scholar Aparna Mathur on the question of whether the corporate income tax rate cuts from the...
In the face of a looming shutdown of the federal government last week, Congress passed, and the president signed, legislation providing funding through September 30,...
Yesterday, the Treasury Department announced it would keep, but limit, an important tool added by the Obama Administration to stem tax-driven corporate inversions: the regulations...
The House Ways and Means Committee today filed suit in federal court demanding President Trump’s 2013-2019 tax returns. The Committee says it is seeking Trump’s...
I testified before the Ways and Means Subcommittee on Oversight yesterday on whether presidents, vice presidents, and candidates for these offices should disclose their tax...
