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Richard Rubin Profile picture
Richard Rubin
@RichardRubinDC
I cover U.S. tax policy for the @WSJ. There is ALWAYS a tax angle. Retweets are not endorsements or tax advice.
Feb 12 • 4 tweets • 2 min read
From a new GAO report, here's an IRS chart worth studying.

gao.gov/products/gao-2…
Image A second useful chart on high-income audits. No-change means IRS did an audit and identified no additional tax or refund -- this is inevitable at some level because case selection is imperfect, but it's also not a great use of government or taxpayer time. Image
Dec 13, 2022 • 5 tweets • 1 min read
New from me: Billionaire hedge-fund manager Ken Griffin sued the IRS and Treasury this morning over his tax data being published by ProPublica.

wsj.com/articles/ken-g… On the one hand, the tax code lets taxpayers sue IRS for knowing or negligent disclosures.

On the other hand, we still don't know what actually happened.
Sep 14, 2022 • 6 tweets • 1 min read
Pssst. Wanna buy a tax credit?

New from me this am: wsj.com/articles/biden… With one hand, Democrats are trying to keep large profitable companies from reporting super low tax rates.

With the other hand, Democrats are creating a market where large profitable companies will be able to buy green tax credits at a discount and reduce their tax rates.
Sep 12, 2022 • 5 tweets • 1 min read
Skimming the Paz/Lerner depositions that were recently unsealed and posted by Judicial Watch and having some flashbacks. I mean, not to rehash this whole thing, but it's just amazing how many months and months elapsed between line workers in Cincinnati saying, 'Hmm, this is kinda different, what should we do here?' and IRSHQ figuring out any sort of approach.
Sep 11, 2021 • 10 tweets • 2 min read
Oh, yes, it's 645 pages of legislative text dropping at 10:21 pm on a Friday.

waysandmeans.house.gov/sites/democrat… We don't have a section-by-section summary yet, but I think I'm seeing full retroactive repeal of the TCJA limitation on casualty losses.

Section 165 fans, you there? Because bill Sec. 135402 is for you.
Sep 10, 2021 • 5 tweets • 2 min read
Very interesting report from IRS inspector general yesterday on the oft-discussed issue of EITC audits.

treasury.gov/tigta/auditrep… IG describes such audits of low-income taxpayers as continuing to be productive for the IRS.
May 28, 2021 • 5 tweets • 1 min read
Green book is now out and this is a correct assumption -- the revenue-scoring convention can't assume changes in other countries' laws. So SHIELD is large-looking. The score does reflect taxpayer behavioral changes to avoid SHIELD.
Mar 29, 2021 • 8 tweets • 2 min read
Today in Tax Court: Fashion designer Leon Max and Section 41, the research and experimentation tax credit, with more than $700,000 at stake. 1/ I know nothing -- nothing -- about fashion. I am not Lee Sheppard. 2/
Jan 15, 2021 • 9 tweets • 2 min read
Let's just pick up this old thread from MARCH 11, 2020 and wait, what's that?

The Treasury Department, has, in its waning hours, attempted to answer the "Did TCJA pay for itself?" question!!!!! Here's their letter today to Rep. Beyer.

beyer.house.gov/uploadedfiles/…

And here are the numbers!!!!

home.treasury.gov/system/files/1…
Sep 5, 2019 • 11 tweets • 5 min read
Today's tax policy reading is the new Saez-Zucman paper on wealth taxes. A few things jumped out at me:

brookings.edu/bpea-articles/… First, as I noted in our @WSJecon newsletter today, the paper distinguishes potential US wealth tax from failed European taxes. They say citizenship-based taxation, FATCA and exit taxes can prevent some problems.

(FATCA Twitter, I hear you. Direct complaints to the authors.)
Oct 16, 2018 • 20 tweets • 2 min read
I'm here in the IRS auditorium for the 199A public hearing.

The art outside the room is a poster from the opening of the Old Post Office observation tower in 1984.

That is next door to the IRS and it is now the Trump hotel. 24 speakers are signed up. Off we go!
May 16, 2018 • 5 tweets • 2 min read
One thing that stood out to me in the Trump disclosure: He's making money from entities formed since the inauguration.
wsj.com/articles/trump… via @WSJ As an example, consider T Retail LLC, described as an online retail startup of some sort created in May 2017 in Delaware. I couldn't quite trace the ownership of it, but he's reporting sales/income from it.