LexisNexis® Legal Newsroom
    Cap-and-Trade or Carbon Tax?

    If you saw the SOTU address earlier this month, you heard President Obama renew his plea for a 'market based' solution to our climate change crisis. That comment triggered a heated policy discussion among my environmentalist friends. What does...

    A Century of Soaking the Rich

    ... Americans will celebrate - or mourn - the 100th birthday of the 16th Amendment to the Constitution . On February 25, 1913, Secretary of State Philander Knox formally certified ratification, establishing once and for all that Congress had the to power...

    The End of an Era -- And Your Taxes Are Going Up

    An era is coming to a close. Since the dawn of electronic commerce, the famous Quill case cast a pall over state public finance. We in the business know the story well. If a vendor did not have a physical presence in a state, that vendor could not be...

    ... A Menace to the State

    by Alvin D. Lurie * The full quotation, of which the above title is a segment, goes "Every law not based on wisdom is a menace to the State." It is graven in stone on a pillar outside the entrance to the storied courthouse of the New York...

    Guns and Tax Returns

    Earlier this month, a district court judge for the District of Columbia basically shut down the IRS's registered tax return preparer program . The purpose of the program was to better regulate hundreds of thousands of people who prepare tax returns...

    Corporate Tax: Why Disclosure Is the Key to Reform

    Two columns of interest emerged today [January 31, 2013] on the issue of corporate tax disclosure, plus another interesting public hearing in the UK, this time with the big four in the hot seat. Put all of this together and we can see very clearly the...

    Stifling Lefty - Political Correctness in the Tax Debates

    Phil Mickelson, the great golfer, caused quite a stir recently when he said (and this is really all he said) that the new higher taxes at the federal level and in his home state of California " doesn't work for me right now ." ... Mickelson...

    The Income Tax Is Inquisitorial - Get Over It

    Apparently, the Italians have found a way to make their unpopular income tax even more unpopular . In the face of rampant cheating, they've adopted a new enforcement technique. Now, instead of just pawing through paychecks, bank statements and the...

    Wipe-Out - What Surfing and Our Tax System Have in Common

    ... Tax Analysts and Pepperdine School of Law held a symposium on federal income taxes... titled "Tax Advice for the Second Obama Administration," (you can watch the video here) but it could have been called "What's Wrong with Our Tax...

    Permanent Insanity

    Things have been positively dizzy in Washington since the New Year - dizzy from all the spinning coming from Democrats and Republicans on how they saved us from the fiscal cliff. My personal favorite: we now have a permanent tax code. Even the great,...

    The Rich Will Pay for Our Sins

    More and more Republicans in Congress are distancing themselves from their promise never to raise taxes. In fact, it's been "Throw Grover Under the Bus Week" in Washington. I am no fan of the pledge never to raise taxes. It's not...

    Decoding the Fiscal Cliff

    By Alvin D. Lurie November 29, 2012 Decoding The Fiscal Cliff By Alvin D. Lurie November 29, 2012 Executive Summary The waning days of 2012 and of President Obama's final days of his first Administration provide him and the Democratic...

    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...

    Capital Gains: The Missing Link to Tax Reform?

    The big stir about Romney's tax plan --that if you fill in the blanks with likely revenue raisers the plan will result in tax increase for the middle class--all stems from the fact that tax breaks are not evenly spread over income categories . Proportionately...

    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...

    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...

    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...

    AMT "Ifs and Buts": Considering Prospects for 2012 and Beyond

    By Suellen Wolfe, J.D., LL.M. * In 1986, Congress concluded that "that no taxpayer with substantial economic income [should be able to] avoid significant tax liability by using exclusions, deductions, and credits. Although these provisions may...

    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...

    Pepper Hamilton LLP Tax Update: Carried Interest Fairness Act of 2012 Retains Capital Gain on Enterprise Value

    By Steven D. Bortnick and Timothy J. Leska , Attorneys, Pepper Hamilton LLP On February 14, 2012, Rep. Sander M. Levin (D-Mich.) again introduced legislation (H.R. 4016) to tax income from carried interests at ordinary rates. Taxing Carried Interests...

    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...

    Pepper Hamilton LLP Tax Update: Cut Unjustified Tax Loopholes Act Would Favor Foreign Fund Managers Over U.S. Managers

    By Steven D. Bortnick and Timothy J. Leska , Attorneys, Pepper Hamilton LLP In March 2009, Sen. Carl Levin (D-Mich.) introduced the Stop Tax Haven Abuse Act (S. 506) (the 2009 Act) to "stop tax cheats" and target "off-shore tax abuses...

    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,...

    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...

    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...