Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
Brian Galle Profile picture
@BDGesq
Feb 6, 2017 • 3 tweets • 2 min read • Read on X
If you take a tax that falls on capital, make it slightly more progressive, and then slash the rate, you have a net regressive move. #DBCFT
@BDGesq Everyone should read the #DBCFT analysis by @WeisbachD , which makes the point that there is no economic rationale for a rate cut...

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Brian Galle

Brian Galle Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @BDGesq

Brian Galle Profile picture
Feb 16
New WP alert! 💰💰
“Money Moves: Taxing the Wealthy at the State Level”
(forthcoming @CalifLRev)


This is of course joint work with @dgamage and Darien Shanske.

A thread. 1/14 papers.ssrn.com/sol3/papers.cf…


Image
Image
Image
David, Darien, & I have been helping states draft new taxes on their richest residents. For example, we helped Vermont develop a bill to mark-to-market (or tax annually) gains on unsold wealth.

2/14nytimes.com/2024/01/23/us/…
Why do we think wealth and mark-to-market taxes are a good idea for states? Why did we make the design choices we did? This paper tries to answer those questions.
3/14
Read 14 tweets
Brian Galle Profile picture
Jul 17, 2023
I'm quoted here calling Harlan Crow's scheme to deduct his yacht expense "absurd." (I also called it a "tower of bullshit: it's one bullshit argument piled on top of another," but guess the editors didn't want to run that one). Here's how the scheme works. 1/
First, remember that you only can claim tax deductions for business costs, not personal expenditures. As ProPublica reported, Crow claimed that he was engaging in yacht rental for profit, even though, as best they can tell, no one but Crows and friends ever sailed. 2/
Alternately, even if your hobby is not for profit, you can still take deductions up to the amount of any money you happen to bring in. Say, if you quilt for fun and sell $1k worth of doilies on etsy, you can deduct $1k. 3/
Read 12 tweets
Brian Galle Profile picture
Feb 8, 2021
What happens when millions of people get pandemic unemployment benefits, and no one is sure whether they should be taxable? As @ENPancotti & I detail here, the answer is "a big mess that hard-hit workers can't clean up themselves." We sketch the stakes & possible fixes. /1
We point out that current law (law.cornell.edu/uscode/text/26…) probably already makes many benefits tax-exempt, contrary to earlier guidance from the Mnuchin Treasury. The new administration should recognize that they will likely lose in court, and change position now. /2
Forcing millions of taxpayers to learn that their benefits shouldn't have been taxed, then file a refund claim, wait 6 months, then sue the IRS, is a terrible way to treat families already hit hard by the pandemic. Especially when the law is on the families' side. /3
Read 5 tweets
Brian Galle Profile picture
Sep 28, 2020
Some thoughts on whether we can see any evidence of tax evasion -- a felony -- in @nytimes description of the #TrumpTaxReturns. In general, it is hard to spot evasion from just a return, and often difficult even if you can also see the "work papers," or supporting documents. /1
But there are red flags one looks for, and you can see some of them in the president's taxes. I prosecuted at least 2 cases, one of them that went to the Supreme Court, where a small-business owner used his family business as a checking account. /2
It's legal to spend your business's money, of course, if you own that business. But when you do so, you have to report that money as taxable income (or, for partnerships like Trump's, give up your "basis" or right to claim deductions from the business in the future). /3
Read 11 tweets
Brian Galle Profile picture
Aug 6, 2020
Wow. I'm reading the complaint...
Link here: ag.ny.gov/sites/default/…

Looking forward to reading bad nonprofit law takes for the rest of the week.
I think a useful starting point for folks to keep in mind is that while NYAG has the best-resourced n/p office and so is often in the news, they are an extremely "light touch" regulator. Their 1st, 2d, and 3d steps are usually education and gentle nudges. This is...not that.
Read 8 tweets
Brian Galle Profile picture
Aug 1, 2020
Some brief thoughts on the Florida poll tax case (i.e., Florida's efforts to block ex-felons from registering b/c they haven't paid all their court costs, fees, etc.). I'll argue there is an historical reason to treat these fees as "taxes" under the 24th Amendment. /1
Recall that the 24th Am. prohibits any state from barring voting for failure to pay "any poll tax or other tax." law.cornell.edu/constitution/a… /2
Does a court-imposed fee imposed after any non-acquittal criminal appearance (e.g., including after a nolo contendere plea) count as a "tax" for these purposes? I say yes, among other reasons, b/c these costs present the very dangers targeted by the original 24th Am. drafters /3
Read 10 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

Send Email!

Become Premium to read this thread!

Read all the old archives from Twitter by becoming our Premium member for only $3/month! Read more »

Become Premium

Already a Premium member? Login to access this thread

:(