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Lily Batchelder Profile picture
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26 Jan, 6 tweets, 2 min read
We are thrilled to announce the launch of the new Tax Law Center at NYU. And we could not be more fortunate to have the incomparable @dashching at the helm as founding Executive Director. If you don’t follow her already, you are missing out! 1/
Tax is one of the most heavily lobbied areas of the law, and overwhelmingly by private interests, which often employ technically complex legal arguments in litigation, and in lobbying on regulations and legislation. opensecrets.org/federal-lobbyi… 2/
The Tax Law Center will aim to provide a partial counterweight to this tilt towards private interests through a rigorous, technically-grounded public interest voice. 3/ law.nyu.edu/centers/tax-la…
While the center is still in its infancy, we look forward to building out a portfolio of work over time. In that vein... 4/
The Tax Law Center at NYU is hiring! If you are tax law expert interested in furthering sound tax policy in the public interest, please consider applying. law.nyu.edu/centers/tax-la…
Positions are open for those with a range of experience, from recent law school grads to renowned tax lawyers with decades of experience under their belt. 6/ law.nyu.edu/centers/tax-la…

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More from @lilybatch

Lily Batchelder Profile picture
28 Jan 20
My new paper on shifting from our estate and gift taxes to an inheritance tax—where heirs would pay income and payroll taxes on inheritances they receive above a large lifetime exemption—was just released by @hamiltonproj. Here’s a quick summary. 1/15 hamiltonproject.org/assets/files/B…
@hamiltonproj Inherited income is currently taxed at less than 1/7 the rate on income from work and savings. This is because heirs don’t have to pay income or payroll taxes on their inheritances. The estate and gift tax is essentially the only tax burdening inherited income. 2/15
@hamiltonproj The rich disproportionately receive large inheritances. Inheritances represent about 40% of all wealth. Among HHs receiving an inheritance, those with economic income >$1M on average inherit $3M, while those with economic income <$50K inherit only $62K. 3/15
Read 15 tweets
Lily Batchelder Profile picture
30 Dec 19
Great article on the extremely generous international tax regulations the Administration has been issuing. A few quick thoughts. 1/
I have heard anecdotally that Mnuchin has been far more involved in the tax reg process than prior Secretaries. When the Secretary and lobbyists are pushing for unreasonably generous interpretations of the law, it’s hard for nonpartisan career staff to stand their ground. 2/
Several practitioners have told me major components of the regs have little or no statutory basis. While it is easy for big MNEs to challenge tax regs as too tough in the courts, it is very difficult for anyone to challenge them as being too lenient due to standing issues. 3/
Read 6 tweets
Lily Batchelder Profile picture
12 Sep 19
Just posted my new paper with @davidckamin, Taxing the Rich: Issues and Options. papers.ssrn.com/sol3/papers.cf…. Abstract below and quick summary follows. 1/
@davidckamin US has one of highest levels of income and wealth inequality among high-income countries. Has one of lowest levels of intergenerational economic mobility. Means economic disparities btwn individuals reflect luck of one’s birth, not hard work, to especially large extent in US. 2/
@davidckamin The way the US taxes the wealthy is broken. Part of reason why is wealthy earn income and accrue wealth in very different ways from most Americans. Get much larger share of income from CGs, dividends, and income flowing through business entities they own. 3/
Read 11 tweets
Lily Batchelder Profile picture
9 May 19
My takeaways on the latest explosive @nytimes story on the Trumps’ taxes, with a quick summary by tweet. 1/ nytimes.com/2019/05/09/opi…
(1) Trump is a terrible businessman. Despite inheriting more than $400 million and being bailed out by his father at critical junctures, he managed to lose (or at least claim tax losses) of more than $1 billion over a decade. That’s quite a feat! 2/
(2) We do a terrible job of taxing the wealthy. The 400 richest Americans often pay tax at lower rates than the middle class because so much income from wealth is taxed at low or zero rates. (h/t @genebsperling) 3/
Read 18 tweets
Lily Batchelder Profile picture
24 Jan 19
A few responses to questions about Warren’s wealth tax proposal, which is well summarized here. 1/7
Yes, there would undoubtedly be evasion. But the question is whether other taxes can tax the uber-wealthy with less evasion and lower administrative and compliance costs. It’s not clear they would be all that different. 2/6
Some have pointed to relatively high estimates of evasion under wealth transfer and wealth taxes. Most of those estimates are outdated. They were done before FATCA and its progeny which, starting in 2014, dramatically improved our ability to uncover hidden, offshore accounts. 3/6
Read 6 tweets
Lily Batchelder Profile picture
13 Oct 18
Great story. Kushner’s arrangements described have all the hallmarks of tax shelters I teach in my classes (leverage + interest deductions + accelerated depreciation + nonrecognition). TCJA generally maintained or expanded such real estate tax shelters in 6 ways. (1/6)
First, TCJA cut top rate from 39.6% to 37%. Second, it cut top rate on pass-through income to 29.5%. While there are provisions meant to limit this deduction for higher-income taxpayers, they effectively do *not* apply to real estate. (2/6) washingtonpost.com/business/econo…
Third, TCJA allows RE businesses to immediately write off 100% of cost of qualified leasehold property placed in service before 2023. (3/6)
Read 6 tweets

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