LexisNexis® Legal Newsroom
    Obama's Corporate Minimum Tax

    President Obama has given us his framework for corporate tax reform . There's much talk about his proposed minimum tax on offshore profits. The framework is thin on details, but we're able to provide the following preview of how the tax might...

    Medical Marijuana Business Expenses

    by Joel S. Newman * ... Legal and Illegal [business enterprises] are treated the same way [for tax purposes] because of Comm'r v. Sullivan, 356 U.S. 27 (U.S. 1958) . In Sullivan , the Commissioner denied salary and rent deductions to an illegal...

    A Time Bomb of a Tax Code

    There's a lot of serious news out there - tragedy, health care, a nuclear Iran. It seems the news of the day roars at us. But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It's the federal tax system,...

    Free the Puppies, Tax a Millionaire

    When I was a progressively minded editorial writer, I was never opposed to higher income taxes. I come from a long line of Brunoris who knew neither terrible poverty nor great wealth. It was easy to shrug off attempts to tax people who were better off...

    The Truth About Who Pays Income Taxes

    " Nonpayers " - IRS figures show that in 2009, a record 58.6 million tax filers (42 percent of all tax filers) had no income tax liability after taking their credits and deductions. When Congress's Joint Committee on Taxation added to this...

    A Benchmark for Socialist Tax Rates

    You've heard it a thousand times. President Obama wants to continue the Bush-era tax cuts for households with taxable incomes under $250,000 a year, while allowing those cuts to expire for wealthier taxpayers. Were that to occur, the 33% bracket...

    Does America Need A Two-Page Tax Code?

    Emphatically, no. I just absolutely disagree with Fareed Zakaria on this , as I do with anyone who thinks that the measure of a tax system is the shortness of its tax code. We live in a complex and intricate world, in which transacting involves complex...

    Do CA and NY Get the ALEC–Laffer Message? Is the Message Believeable?

    In the first full week in December, "wealthy" New Yorkers and Californians found themselves to be a step closer to seeing their income tax liabilities (state, not federal) rise. This trend appears to be counterintuitive to anyone that respects...

    Are You Ready for Taxmageddon?

    A combination of spending cuts and tax increases could bring the economy to its knees at the end of 2012. By our count, the economy must deal with nine significant fiscal events that will be automatically triggered by current law if Congress and the president...

    Obama's Rate Cut: How Low Can You Go?

    President Obama's newly released 'framework' for corporate tax reform envisions a significant rate cut for U.S. firms. You can read the details at the President's Framework for Business Tax Reform . His basic idea is to lower the statutory...

    Alcohol Taxes and Incentives - The Spirit of the Law and What's Hoppin'

    by Daniel G. Mudd * Basics of Federal Excise Tax on Alcohol Federal taxation of alcohol generally follows the same tax structure and controls as is used with other commodities and products sold in the United States which are subject to excise tax...

    Busting Myths About Rich People's Taxes

    There are good reasons for the government to keep its hand out of the pockets of the wealthy. For example -- and this will be a shocker to most liberals out there -- it is a basic tenet of tax economics that an efficient system should eliminate all taxes...

    Taxing the Rich, and Missing the Point

    The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently...

    A Grown-Up Conversation About Corporate Tax

    Nothing is more fun for liberals than to catch a big multinational abusing U.S. tax laws. Google, Cisco, General Electric, and Apple -- to name a few -- now have public relations problems because the press has put a spotlight on their use of offshore...

    President Romney's Tax Reform

    If elected president, Mitt Romney will have to make some adjustments to his tax plan. For now he is saying that he wants to lower rates across the board by 20 percent and entirely offset the cost by scaling back tax expenditures unrelated to investment...

    Tax Reform Goals Differ for Corporate Coalitions

    When it comes to taxes, corporate America is divided into two parts. First, there are companies that pay full freight. Their effective tax rates are close to the statutory 35 percent rate. They tend to be low-tech and labor-intensive, and -- most of all...

    IRS Becomes More Aggressive in Enforcing Employment Classifications

    By Steven M. Packer, CPA and Brian K. Adams, CPA Businesses employing Independent Contractors beware, the IRS is becoming more aggressive in enforcement of employment classification and is scrutinizing the distinctions between employees and independent...

    Payroll Tax Politics

    By Robert Goulder The GOP never met a tax cut they didn't like ... until now. That's how Democrats portray Republican reluctance to extend the payroll tax breaks scheduled to expire at the end of the year. Casual observers of U.S. tax policy...

    The Flat Tax is a VAT . . . in 90 Seconds

    Republicans despise the value-added tax. But the flat tax they admire so much is nothing more than a value-added tax split into two parts. A value-added tax is a tax collected from business. The tax base is the difference between business receipts minus...

    Charity vs. Taxes and the Destruction of the State

    From the FT this week, a story on John Paulson's $100 million donation to the Central Park Conservancy. The article focuses on the idea that charitable organizations can step in for government to provide public goods, and why that idea is pernicious...

    And the Winner of the Dumbest Tax Policy Initiative of the 21st Century Is...

    By Sheldon H. Laskin, Adjunct Professor, University of Baltimore Graduate Tax Program As Jon Stewart would say, I'm calling it right now. Recently, a relative got a letter from the Treasury advising her that she might be the owner of fully matured...

    Tax Reform? Just Don’t See It

    So let me see if I have this right. If you allow the so-called Bush tax cuts to expire, which they were designed to do, it's a huge tax increase (the GOP). If you allow the temporary cut in payroll taxes to be temporary, it's a huge tax increase...

    Government Bubbles

    Funny how the mind works. I read Jeremy's and AMT Buff's comments to my earlier post Fair's Fair . I read the post by Robert Goulder entitled Greece's Inability to Tax Itself . For some reason, I started thinking about bubbles. In recent...

    WSJ Reports Republicans Ready for Tax Hikes

    Talk about burying the lead! In this morning's Wall Street Journal Stephen Moore reports in the 4th paragraph of an op-ed that super-committee co-chairman Jeb Henserling (R-Tex.) told him: "We have no interest in raising rates --period."...

    The Smart Money Says Deadlock

    In politics, the smart money is always cynical. It bets on inertia, not change; on symbols, not substance. Hope? Progress? Suckers' bets. The smart money isn't always right, but when it comes to the so-called supercommittee, it's made a safe...