A useful and amusing debunker from Current Affairs on the #CABillionaireTax: www.currentaffairs.org/news/every-a...

Yet more misinformation about the #CaliforniaBillionaireTax is circulating on X, drawing on highly misleading analysis from the Tax Foundation. We have posted a short document explaining why that analysis is false. papers.ssrn.com/sol3/papers....

Yet more misinformation about the #CaliforniaBillionaireTax is circulating on X, drawing on highly misleading analysis from the Tax Foundation. We have posted a short document explaining why that analysis is false. papers.ssrn.com/sol3/papers....

There's a lot of misinformation already floating around about the #CABillionaireTaxAct. We have posted some new resources for folks who want to learn more. 1. FAQs about the bill. papers.ssrn.com/sol3/papers.... 2. Rebuttal of some dumb legal arguments about it: papers.ssrn.com/sol3/papers....

There's a lot of misinformation already floating around about the #CABillionaireTaxAct. We have posted some new resources for folks who want to learn more. 1. FAQs about the bill. papers.ssrn.com/sol3/papers.... 2. Rebuttal of some dumb legal arguments about it: papers.ssrn.com/sol3/papers....

A decent summary from CBS. They are still doing some news there I guess. www.cbsnews.com/news/califor...

Introduce yourself with what almost killed you: Hey, what's up? I'm "grading 80 corporate tax exams."

Are you a billionaire? Happy New Year! If you're living in California today & the 2026 Billionaire Tax Act passes, you'll pay a one-time 5% tax on your net worth (which you can spread over 5 years if you pay a small deferral charge).

Before the year ends, consider making a gift to support independent investigative journalism. Your support helps ensure ProPublica can keep doing the work others can’t, or won’t. Join us with any gift amount: https://propub.li/3YJ5G5c

Tech Billionaires Threaten To Flee California Over Proposed Vest Tax https://theonion.com/tech-billionaires-threaten-to-flee-california-over-proposed-vest-tax/

As the Times story on the CA Billionaire Tax Act notes, if the Act is adopted in Nov. of 2026 it will impose a tax on all individuals who were resident in CA as of Jan. 1 (i.e., next Thursday). It is very unlikely billionaires can really move before then. Is that constitutional, though? Read on. /1

Every gift to ICIJ is matched today through Dec. 31 — dollar for dollar, up to $15,000, thanks to two generous supporters. Make your support go twice as far!

This is the same guy who predicted the streets of Manhattan would be clogged with millionaires' moving trucks, yes? Just as a reality check, the CBTA would reduce the growth of an avg billionaire's wealth from ~7% to 6% annually for 5 years. If your COLA got cut by 1%, would you quit & move to FL?

As the Times story on the CA Billionaire Tax Act notes, if the Act is adopted in Nov. of 2026 it will impose a tax on all individuals who were resident in CA as of Jan. 1 (i.e., next Thursday). It is very unlikely billionaires can really move before then. Is that constitutional, though? Read on. /1

More seriously, as most readers here know I helped draft the CA billionaire tax initiative text and you just can't get out of it by setting up a couple of LLCs in Florida. We have thought about how to block these fake paper moves for 4 years.

More seriously, as most readers here know I helped draft the CA billionaire tax initiative text and you just can't get out of it by setting up a couple of LLCs in Florida. We have thought about how to block these fake paper moves for 4 years.

Are they going to stay with their girlfriend in Canada?

EUTO team presents our latest policy brief ⤵️ Earlier wealth taxes failed due to narrow bases, low thresholds & carveouts—not because billionaires fled. To tax the ultra-rich effectively today, we must close exemptions, target extreme wealth & use transparency for enforcement.

M&A geeks question about the Netflix / WB deal. What's the rationale for spinning off the news assets of Warner first? There isn't the traditional tax advantage of a spin-off, because of section 355(e). So either way those assets get taxed at the firm level. Why not just sell 'em later?

Inflation expectations cause inflation. Maybe the best way to fight inflation is to have a Fed Chair who everyone knows will hate inflation. Therefore anyone who will accept appointment under these circumstances -- where they must cut rates no matter what -- is unqualified for the job.

I assume bipartisan agencies will now also go the way of the dodo. That is a shame, mostly, from a governance perspective. But it could also be an opportunity to someday have a functioning FEC. Dems should have a day 1 strategy for making campaign finance regulation great (for the 1st time ever).

With independent agencies now seemingly constitutionally suspect, can I interest anyone in an argument that Congress can still make the Fed independent in order to carry into effect the Art. I borrowing power & the 14th Am. Public Debt Clause? lawreview.uchicago.edu/sites/defaul...

This fact has profound implications for tax policy, & you'll all be able to read more (if you want, much much more) about that when "How to Tax the Rich" gets through this final round of copy edits.

Reader yesterday I discovered that the astounding poet Jorie Graham is on bsky, so ofc I clicked on her name to follow her. The little blue button said "follow back." Obviously this is a weighty responsibility, & so regretfully, I can no longer retweet the dumb jokes of @brendansmaher.bsky.social.

Lol, but also we told you this already (if you were willing to read our 25,000-word article, www.californialawreview.org/print/state-...). www.nytimes.com/2025/12/05/n...

I've added just a handfull of follows here this semester. Who am I missing? Suggestions & self-nominations welcome.

I've added just a handfull of follows here this semester. Who am I missing? Suggestions & self-nominations welcome.

The FCC threats to late-night hosts, the defunding of the Corporation for Public Broadcasting, and the billionaire takeover of media companies all highlight how susceptible the media has become to both authoritarian and oligarchic capture.

Good news, we are replacing your terrible health insurance with its burdensome 10% co-pay and replacing it with this great deduction that is like insurance with an, um, 85% co-pay.

In response to the SALT cap, 37 states enacted “passthrough entity taxes” to help business owners sidestep the cap & pay less in federal tax. But are PTETs actually consistent with the federal tax code? It’s complicated! We explain in @taxnotes.com: www.taxnotes.com/tax-notes-st...

If you donate $40 to @propublica.org for Giving Tuesday, you can get this awesome Tips Tote: ‘Someone reading this tote has the next big story. Is it you?’ give.propublica.org/campaign/749...

Much to agree with here, but also many important details to work through. Some thoughts, inspired loosely by 2 years writing rules at SEC (and watching some of them get tabled and/or tortured by the 5th Circuit). But read the RI brief first!

Wait, there's a tote? Gonna have to start tagging some great investigative journalists to find out what happened to mine!

Oh, we're still introducing ourselves with 5 concerts? Cool. Mine (chosen for maximum eclecticism) are: 1. TMBG 2. Mighty Mighty Bosstones (@ the Middle East, ofc) 3. Stevie Wonder 4. Wu Tang (in Harvard Yard!) 5. Leonard Bernstein with the BSO

You think this is a niche story, but turns out something like 1/3 of the wealth of the top .1% richest Americans -- prob more than $5 trillion -- is in trusts that will never pay a penny of inheritance tax. Let's fix that, eh? Source: SSRN eLibrary share.google/AC0TBnGCCASz...

You think this is a niche story, but turns out something like 1/3 of the wealth of the top .1% richest Americans -- prob more than $5 trillion -- is in trusts that will never pay a penny of inheritance tax. Let's fix that, eh? Source: SSRN eLibrary share.google/AC0TBnGCCASz...

This write-up of the #CABillionaireTax gets several key points wrong. First, it complains that small businesses are hard to value, but the bill has a simple formula for that task that is already in use in Switzerland and Spain. www.forbes.com/sites/robert... 1/4

Surprise! The Bezos Post doesn't like taxing billionaires. www.washingtonpost.com/opinions/202... Readers, do I need to point you to the real facts on taxpayer mobility? OK, one more time: www.theatlantic.com/ideas/archiv...

This, friends, is why they teach you in prosecutor school* not to wait until the last day of the statute of limitations to file your indictment. *: A boot camp in S. Carolina run by DOJ -- kinda like the movie Stripes, but with a lot of bad suits -- call it "PinStripes."

I think they're trolling you, @omrimarian.bsky.social www.bloomberg.com/news/article...

I'm quoted in this sad story about Tom Goldstein, delivering the unfortunate news that this is not the bs Hunter Biden tax charges or this DOJ's usual clown show. Lead prosecutor here was fraud chief in SDNY and the indictment is the real stuff. washingtonian.com/2025/11/13/h...

Some new reads on the #CABillionaireTax: www.forbes.com/sites/nathan...

This is a family-friendly account, so not gonna post the Surfer Rosa album cover. But it did drop when I was 16.

The repost just below this one in my feed explains how it is that IRS has the power to declare its own tax holidays. Might be a bad idea, some have said! (I'd favor allowing 3d parties to appeal giveaways to Tax Court, where Article III standing rules do not apply.)

Good WSJ write-up of the IRS's unchallengeable power to create tax breaks (albeit disappointingly short of 80s tunes references), with quotes from me. taxprof.typepad.com/taxprof_blog... For much, much more on that problem and what to do about it, see: northcarolinalawreview.org/2023/08/29/l...

I must say I genuinely believed that the MQD only applied to administrative action by Democrats.

We just introduced the #CABillionaireTax and already the Wall Street Journal is...is...huh. Is apparently running op-eds in support? www.wsj.com/opinion/a-un... (paywall, sorry) For more on the tax, see www.seiu-uhw.org/ca-billionai...

My erstwhile BC colleague Ray Madoff (no relation to that guy) on NPR talking about her book "The Second Estate" and making a great case for mark-to-market taxation for the ultra-rich: www.npr.org/2025/11/01/n...

I previewed the litigation against Education's new public service loan forgiveness rule for Inside Higher Ed: www.insidehighered.com/news/governm...

Education has issued its final public service loan forgiveness rule. public-inspection.federalregister.gov/2025-19729.pdf As expected it is awful and not much changed from the PR. Pretty hard to take seriously the idea that you can respond to 14,000 comments in 1.5 months. We'll see 'em in court.