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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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. BurmanWilliam G. GaleSarah GaultBryan KimJames R. NunnsSteven 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
Brief

The following is the text of a debate that occurred between Rosenthal and Needham at the May meeting of the American Bar Association Section of Taxation in Washington regarding the proper tax treatment of private equity funds and their partners under current law. The introduction should be...

June 25, 2013
Steven M. Rosenthal
Testimony

Steven Rosenthal's testimony before the House Subcommittee on Select Revenue Measures of the Committee on Ways and Means on the Discussion Drafts proposals to reform the tax rules for derivatives and securities investments.

March 20, 2013
Steven M. Rosenthal
Brief

Private equity funds manage vast amounts of money: $2.5 trillion in 2010, much more than the $100 billion in 1994. They earn immense profits, largely from selling the stock of acquired and improved companies. This article focuses on the character of the funds' profits. It recommends that the IRS...

January 27, 2013
Steven M. Rosenthal
Journal Article

Stockbrokers began reporting sales proceeds and cost basis to the IRS and taxpayers this year. This article describes how those information reports came about and discusses the issues they raise. It also argues that compliance gains and simplification benefits justify the reporting burdens that...

April 25, 2012
Steven M. Rosenthal
Research report

This article introduced FAS 133, which was a new accounting standard for derivatives and hedges—and then compared the tax rules applicable to these instruments. It suggested the two sets of rules be reconciled. That is, derivatives be marked-to-market for tax purposes, as they are for financial...

August 9, 1999
Steven M. Rosenthal

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