California-based Synopsys reports, in its latest annual report, a $111 million tax cut, in the form of a reduction in valuation allowance related to CA R&D credits. Likely due to California SB 711, this year's conformity bill, which makes R&D credits more generous. www.sec.gov/ix?doc=/Arch...

So “the largest economic win in Kansas history” is moving a football stadium 20 miles away from its current location, with both new and old stadia in the greater KC area? www.nytimes.com/athletic/691...

He was a tight-fisted hand at the grind-stone, Romney! a squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner. ...And then he saw three totally non-copyrighted ghosts. (1/x) itep.org/tax-the-rich...

Break up the Dodgers: LA's luxury tax payment this season exceeds the entire payroll of the Nats (and a bunch of other teams). www.nytimes.com/athletic/690...

Still having trouble getting my head around the magnitude of this reversal. In 2012 Romney ran for president on estate tax repeal. Now he wants to end stepped up basis, and is concerned about "billionaires avoid[ing] capital gains tax." Dude must be scared as hell. www.nytimes.com/2025/12/19/o...

Romney's current views on tax reform also appear to dovetail pretty nicely with what @itep.org 's been pushing. Here's an annotated guide to the specifics we can glean from his @nytimes.com piece, with links to helpful ITEP pieces where available: (1/x)

New "please tax me more" op-ed from Mitt Romney is only about 13 years too late to be helpful. As a presidential candidate in 2012, he gave off *slightly* different vibes. 1) at a time when candidates still routinely released their tax returns. he refused. (1/x) www.nytimes.com/2025/12/19/o...

Broadcom's latest annual report says it just "CAMT" quit the alternative minimum tax. The company's taking a $1.3 billion tax hit reflecting a writedown of the company's minimum tax carryforwards. This is an admission that they're likely to be CAMT taxpayers indefinitely. www.sec.gov/ix?doc=/Arch...

England's top soccer league is set to ban teams from having "front of shirt" gambling sponsors starting next season. This is a laudable move given the visual saturation of gambling cues not just in sports but... everywhere. But teams' reactions are pretty gross. www.theguardian.com/football/202...

"We are sending every soldier $1,776. Think of that, and the checks are already on the way. Nobody understood that one until about 30 minutes ago." www.wral.com/president-tr...

Who says Pillar Two is dead? Keysight Technology reports a $13 million tax hit from the new OECD minimum tax in its new 10-K, out today. Text explains only that there are "a limited number of jurisdictions" in which they're seeing an effect. www.sec.gov/ix?doc=/Arch...

Thinking about which good-gov't orgs to support financially is a little overwhelming rn. Environmental, human rights, arts, democracy itself are all under siege. But the corporate takeover of our economy seems like the hub to this wheel, which is why the work of @ilsr.bsky.social is so vital.

The Corporate Transparency Act is, duh, not illegal. So says 11th Circuit. @factcoalition.bsky.social has the details. The Court's finding that the CTA is totally legal (my words not the Court's, obv, since lawyers never say "totally") means that Trump failing to enforce CTA is totally *illegal*.

Applied Materials is the latest company to make a 10-K disclosure testifying to the usefulness of Biden's corporate minimum tax. Applied has, at year-end, $407 million of CAMT credit carryforwards. They just wrote off the full amount as unusable, a $407 million tax hit. www.sec.gov/ix?doc=/Arch...

Reading a biography of a former US president who said "if it hadn't been for Gregg Allman, I never would have been president." Asked a roomful of Gen-Xer Dems last night to name the president and no one got it. (I wouldn't have guessed either.)

Good stuff from @zorkamilin.bsky.social on the potentially disastrous Treasury regs that will likely drop next week on the CAMT/R&D interaction. This Treasury Dept's regulatory agenda appears to have just 2 action items: implementing OBBBA and shredding the tax system. www.bgov.com/news/T75H3KK...

On one level it just feels like a dream that state conformity to federal tax cuts is breaking into mass media coverage. But the way Fox is reporting it- and, to a lesser extent, the way Bessent is discussing it- is just repellent and wrong. www.foxnews.com/politics/bes...

As a child of the '70s, the font move I'd want to make is to Bauhaus, which is as freaky a disco font as you'll ever see. Altho: my old Mac Classic computer had a font that mimicked the look of a ransom note, which seems more fitting for this administration. www.nytimes.com/2025/12/09/u...

Today I learned that FIFA has an ethics committee. www.espn.com/soccer/story...

Why does "we can replace the federal income tax with tariffs" have to be fact checked, you might ask. It's so deliriously wrong that it's more a fever dream than a proposal. But the thing does need to be explained, so snaps to @melissagoldin.bsky.social of AP for doing it. apnews.com/article/fact...

Really enjoying the thing in corporate quarterly earnings calls where analysts ask "how are you dealing with the tariffs" and the CEO guys use whatever code they can to avoid directly saying "we hiked retail prices." The most common phrasing is "we took pricing." seekingalpha.com/article/4849...

Starting to see corporate disclosures of the effect of OBBBA interest deduction limitation changes. UGI's annual report for the year ended 9/30/25 discloses a $31 million tax benefit related to this new tax cut. Mechanism is reducing their valuation allowance. www.sec.gov/ix?doc=/Arch...

John Deere's latest earnings call shows the firm continuing to take huge hits from Trump tariffs and passing them on to consumers. FY25 estimate is $600 million, doubling to $1.2B in 2026. Sensible Q from analyst: "how are you thinking about offsetting that?" (1/2) seekingalpha.com/article/4848...

Mood

Aftermath. Photo h/t @arpcomplex.bsky.social

GILTI corporate tax changes in the new OBBBA tax law are a mixed bag-- some tax hikes, some cuts. So it's always fun* to see specific companies making disclosures of the net effects of these changes. Analog Devices does so in its new 10-K, taking a $153 million tax hit. www.sec.gov/ix?doc=/Arch...

Still thinking about this amazing play from #washingtonspirit match. 1) the whole thing was set up by a towering Hal Hershfelt header off the corner kick. 2) yeah Kouassi's blazing fast here, but what we saw all day long from her was great footwork. She did whatever she wanted. game MVP no doubt.

Sellout crowd at Audi for @washingtonspirit.com . Kouassi’s lung-bursting run down the right side to set up the opening (and, as it turns out, winning) goal was one of the more amazing things I’ve seen on a soccer field.

Bloomberg's Lauren Vella has a fun* financial accounting article today: US multinationals that are subject to the global minimum tax are going to have to report their tax expense in quarterly reports in a way that assumes it's really going to happen. (1/x) www.bgov.com/news/T5LXRVG...

Re-watched "The Insider" (25 yrs later!) on a whim this weekend; seemed appropriate as my kid and I were lodging in a Winston-Salem neighborhood of former tobacco warehouses. What a great film. Simultaneously a valentine to the heroism of the news media and a foreshadowing of future failures.

I say this with love, as someone ecstatic about the win: @washingtonspirit.com should pay us to go thru such excruciating games, not the other way around. Will be there with bells on for semis next week, but games like that reduce your lifespan.

Honestly I just think it's so nice these two found each other. It's as symbiotic a relationship as you'll ever see. www.pbs.org/newshour/wor...

Spare a thought for the anti-tax guys in Texas who, having just shepherded through a constitutional ban on financial transaction taxes this week, are now left wondering "what taxes are there left for us to constitutionally prohibit?" open.spotify.com/track/0TLD1R...

Among the more ludicrous of the 17(!) ballot measures approved by Texas voters this week is a boost in the property tax homestead exemption from $100,000 to $170,000. This is bad in roughly the same way that eating an entire wedding cake is bad. www.texastribune.org/2025/11/04/t...

RE NYC Mayor Mamdani's ambitious tax plans: remembering the day when then-Mayor Bloomberg proposed a plastic-bag tax; then as now, NYC tax hikes had to be approved by the state legislature and the leg signaled its disapproval, so Bloomberg backed down. www.nytimes.com/2008/11/07/n...

Robert Plant at Lincoln Theater tonight. I was 10 when Zep stopped touring; never thought I'd get a chance to hear him sing "Ramble on" or "Rain Song," both of which he reinvented with his new band tonite. Also a cover of Neil Young's "For the Turnstiles," which surely no one has ever dared cover.

Posted on Bloomberg Tax this morning: media folks, please stop reporting that Meta's $16 Billion tax hit on quarterly earnings is due to the Trump tax law. It's entirely a product of the Biden-era corporate minimum tax, and it's a big win for the rest of us. news.bloombergtax.com/daily-tax-re...

Obscure 1040 Q: state income tax refunds are includible in federal gross income for itemizers, to the extent the refund reflects a state inc tax deduction that reduced taxable inc. After 2017, the SALT cap means state income tax refunds including in fed gross income can't exceed $10,000, right?

Meta's quarterly earnings report turned some heads this week for its disclosure of a $16 billion tax hit related to Trump's OBBBA tax law, which was first& foremost a gigantic tax giveaway. The earnings call didn't give much detail on the source of this. (1/x) investor.atmeta.com/investor-eve...

This was a lot of fun. So glad to have @factcoalition.bsky.social doing a deep dive on oil/gas tax avoidance. Their new report is incredibly timely and very well executed. We all have our own rock stars but Ian/Zorka/Erich/Amy are among mine even if none of them can sing. What a great panel.

Reading Justice Roberts' opinion in last year's Loper Bright case. I'm having trouble remembering a time when a passage in a Court decision stopped me as completely in my tracks as did "agencies have no special competence in resolving statutory ambiguities. Courts do."

Who among us hasn't wondered: if scoring directly from a corner kick is called an "olimpico," and the first olimpico was scored (and given that name) in 1924, how come an olimpico wasn't scored in the actual Olympics until Megan Rapinoe did it in 2012? Answer here: www.espn.com/soccer/story...

CBO's new end-of-year report on the fed govt's finances got a little attention for its finding that corporate taxes went down 15% relative to FY24. Less prominent was discussion of the jump in interest paid on the national debt, which hit $1 trillion for the first time. www.cbo.gov/system/files...

Fascinating story of a guy who just *knew* there was life on Mars, & was able to parlay his family wealth into an observatory dedicated to finding it. Maybe I should be embarrassed to admit I didn't know there was (and still is?) a "Lowell family of Boston" of repute. www.nybooks.com/articles/202...

Ongoing fun project: following quarterly earnings calls where corporate execs are asked to quantify the effect of OBBBA on their cash taxes. This generally only comes up when a industry analysts ask. The candor is, in turns, refreshing and horrifying. (1/x) itep.org/trump-tax-la...

This was only the second-prettiest Spirit goal scored in this game. Great afternoon at Audi.

Wow, what a great lineup of speakers for @itep.org 's webinar on how the new federal tax changes will affect states-- and how states should respond. Hanauer/Davis/Mazerov/Hauser is like the starting lineup for the 1927 Yankees, if the Yankees could do your taxes. Don't miss it, Weds 10/8, 1 PM ET!

There's a lot of nuance in talking about tax policy. It's not always black and white. But sometimes people just lie. And Donald Trump is lying *incessantly* right now about what the new tax law does to the federal income tax treatment of Social Security. itep.org/trump-lying-...

Imagine making a $1 billion drafting error. That's what the authors of the 2017 Trump tax cut did when they failed to coordinate the timing of 2 related corporate tax changes that were part of the tax law's move to a territorial corporate tax system. More here: itep.org/billion-doll...

"Don't Look Up" isn't just a movie. Nebraska Dept of Revenue just released its estimate of how the new Trump tax law will affect state revenues; $216 M budget hole over next biennium. NE Sen. Pete Ricketts (R-Obv) says this will be "great for Nebraska families." revenue.nebraska.gov/sites/defaul...