1/ (THREAD) Very interesting new study from researchers at Penn Wharton @BudgetModel on the decimation of the US estate tax: budgetmodel.wharton.upenn.edu/issues/2022/7/… @richpriz @riccoja 2/ Here's the history: the dramatic rollback of the estate tax – a tax solely levied multimillionaires – began in 2001 and then kicked up a notch in 2017.

1/ Here’s my new article: the conflict between Big 4 accounting firms' role setting up tax shelters – and then signing off on those very same shelters in their role as the companies' auditors: nytimes.com/2022/07/07/bus… 2/ My story comes from a trove of emails and internal memos made public last summer in a little noticed court dispute between the IRS and drugmaker Perrigo.

1/ THREAD - The story of the incredible cloning tax break, aka the latest tax dodge used by Silicon Valley millionaires and billionaires. My new story with the excellent @maureenmfarrell: nytimes.com/2021/12/28/bus… 2/ Back in 1993, the Clinton administration, after lobbying by venture capital and biotech, pushed for something called the Qualified Small Business Stock exemption.

THREAD 1/Fallout from our story last month on the revolving door between big accounting firms and the US Treasury Department: Elizabeth Warren and Pramila Jayapal seek answers from the firms and push for tougher ethics rules @senwarren @RepJayapal nytimes.com/2021/10/05/bus… 2/ Here's our story: giant accounting firms send their officials into the government, where they water down tax rules in ways that help their firms' clients. Then they return to those firms, which double their pay. nytimes.com/2021/09/19/bus… @dannyhakim

1/ My latest: How accounting giants craft favorable tax rules from inside the government, w/ @dannyhakim (THREAD) nytimes.com/2021/09/19/bus… 2/ We all know that corporate lawyers and lobbyists have a big impact on how Congress writes the tax laws.

THREAD 1/ Insiders at giant hedge fund Renaissance Technologies have finally reached a settlement of their long-running tax dispute with the IRS and could owe as much as $7 billion: nytimes.com/2021/09/02/bus… 2/ The dispute first came to light in 2010 when the IRS Chief Counsel’s office released a memo laying out the issues, calling the scheme “particularly aggressive”: irs.gov/pub/irs-utl/am…

1/ A few thoughts and questions on the corporate minimum tax, profit shifting, multinational tax dodging, and Ireland. 2/ So Ireland has said it will not sign onto the Biden administration/OECD/G-7 minimum tax proposal: irishtimes.com/business/econo…

1/ Seeing many comments in the past few days dismissing the significance of profit shifting out of the US and multinational tax dodging. Surprised this is still debated, but worth reading this 2015 interview with late Treasury economist Harry Grubert: taxfoundation.org/making-sense-p… 2/ Grubert: "I don’t want to tie myself down to any particular revenue estimate, but there are estimates by people like @KClausing and others that it costs the U.S. Treasury $50 or $60 billion a year. I don’t know, $50 or $60 billion sounds fairly significant to me."

1/ MY LATEST: How private equity conquered the US tax system: IRS virtually never audits a $4.5 trillion industry. With @dannyhakim (THREAD) nytimes.com/2021/06/12/bus… 2/ Executives in the $4.5 trillion private equity industry pay taxes at a low, 20 percent capital gains rate on the bulk of their income thanks to a benefit called “carried interest.” This is pretty well known.

1/ THREAD: The Biden administration is trying to tackle corporate profit shifting -- the way US multinationals avoid taxes by pushing their profits into offshore havens. I thought it would be useful to post some pieces that show how we got here: 2/ Back in 2003, Reed College economist @kclausing, (now high up in the Biden Treasury Dept.), examined international trade data and found much evidence of tax-motivated profit shifting offshore: sciencedirect.com/science/articl…

1/ EXCLUSIVE: Bristol Myers used an allegedly 'abusive' offshore shelter to dodge more than $1 billion in US taxes: nytimes.com/2021/04/01/bus… 2/ More than 15 years ago, the IRS attacked nearly identical offshore tax shelters used by GE, Merck and Dow Chemical. Here's a story I did for the WSJ: wsj.com/articles/SB115…

Buried in pandemic aid: $200 billion in tax cuts, largely for the richest. Latest by @lukebroadwater @rebeccaruiz and me: nytimes.com/2020/12/22/us/… The CARES Act explicitly said that PPP loans were not taxable income -- but now Congress is letting recipients take tax deductions for spending those funds. This violates Tax 101 ...

A big reason for @realdonaldtrump’s low tax bills - a century of breaks for the real estate industry. Latest by me and @JamesStewartNYT: nytimes.com/2020/10/30/bus… Trump has benefited from generous depreciation provisions in the tax code, which permits him and other real estate investors to get deductions for spending other people’s money, through massive borrowings.

1/ The country’s biggest and wealthiest hospitals are getting billions in bailout funds – while they furlough their employees and hand out multi-million-dollar pay packages to their executives. Latest by @jbsgreenberg @davidenrich and me: nytimes.com/2020/06/08/bus… 2/ Some of the CEO’s have announced they are donating their pay to help out the furloughed employees. So we examined that.

My latest: Stimulus bill features a potential tax boondoggle for real estate investors: nyti.ms/2QKweAn The provision, added by Senate Republicans, removes a 2017 cap on investors' ability to use tax losses -- which for real estate investors often exist only on paper -- to offset taxes on other income.

EXCLUSIVE: The 2017 tax law gave big multinational companies a windfall. But they wanted more - and got it, through a series of obscure regulations from the Trump Treasury Dept. My latest, w @jimtankersley: nytimes.com/2019/12/30/bus… The new law handed out $5.5 trillion in tax cuts, including a massive corporate rate cut. This was partially offset by $4 trillion in new measures to raise taxes, including $262 billion from multinationals called the BEAT and GILTI.