Publicly traded companies are now subject to more detailed tax disclosure requirements. The Improvements to Income Tax Disclosures, issued as ASU 2023-09 by the Financial Accounting Standards Board, are designed to increase the transparency and decision-usefulness of tax information. Among other things, the new rules require companies to disclose greater detail about their tax exposure in significant countries —…
When policymakers do not understand the size of a problem, or as it turns out, are led to believe by flawed academic research that it’s 10x bigger than it is, they cannot effectively fix it. So, it is especially important that proposed tax increases on multinational enterprises (MNEs) (and corresponding estimates of revenue raised) are based on sound…
California’s proposed 2026 Billionaire Tax Act would impose a one-time 5% tax on residents with net worth exceeding $1 billion, using accounting measures to value assets. But valuing wealth presents significant challenges: many private firms don’t maintain GAAP-compliant financial statements, accounting rules treat tangible and intangible assets differently, and illiquid assets like unique real estate and artwork lack objective market prices. This analysis examines the biases, inequities, and distorted incentives that arise from basing wealth taxes on accounting measures.
Can billionaires simply switch their state residency and avoid the tax? Most press accounts, as well as the Hoover study, treat the residency question as one that answers itself via self-certified acts: a billionaire announces a new home state, purchases property there, or moves a business entity, and the desired legal outcome automatically materializes. This framing radically oversimplifies the complex inquiry required to determine whether an individual has ceased to be a California resident as a matter of law.
Cryptocurrency has promised financial innovation in the form of a decentralized payment network. However, that innovation has created regulatory challenges and debates. This note focuses on one long-running debate, the taxation of staking rewards.
When people think about billionaire wealth, they picture mansions, yachts, and private jets. But those assets make up only a tiny fraction of billionaire wealth. According to Altrata’s Billionaire Census, about 66% of billionaire wealth is tied up in business equity, while only about 3% is in real estate and luxury assets. And nearly half of that business equity is in private companies, not publicly traded firms.
A proposal to replace the modern individual income tax system with tariffs raises fundamental concerns. The economic burden of tariffs falls disproportionately on lower-income households, and tariffs do not raise sufficient or stable revenues that can serve as a plausible substitute for the individual income tax.
Who pays federal income taxes in America? Under Senator Cory Booker’s (D-NJ) recently proposed Keep Your Pay Act, the answer could be millions fewer individuals than today. Married couples earning less than $75,000 would see substantial tax relief, with some receiving net payments from the government (i.e., a negative effective income tax rate) due to refundable credits.
California’s latest proposal to levy a one-time tax on billionaires has ignited the predictable controversial debate. Before taking sides in this debate, it is worth asking a more basic question: even if the tax works as advertised and raises $100 billion, would it solve the problem it is meant to address?
Like everyone else, athletes pay federal income taxes. But the key difference lies at the state level. Some states—such as Florida or Texas—have no state income tax, while others, like California, tax top incomes at rates above 13 percent. In new research, we study how this tax difference affects the success of college basketball programs. We analyze all Division I men’s basketball teams from 2016 to 2024 and compare their performance before and after NIL rules began.