Posts Tagged ‘taxes’

Financial roundup

  • New York plaintiff wanders the South looking for ATMs out of compliance with federal fee sticker regulation [Kevin Funnell, Bank Lawyers’ Blog, earlier]
  • In the mail: Stephen Bainbridge, “Corporate Governance After the Financial Crisis” (Oxford, 2012), with blurb from NYT “Deal Professor” Steven Davidoff: “an important book for those seeking to understand the theoretical and practical implications of Dodd-Frank, Sarbanes-Oxley, and the federal government’s foray into corporate regulation.”
  • American lawprof understandably unpopular trying to defend FATCA to the Swiss [TaxProf, earlier here, etc.]
  • Bank is trustee for mortgage holders, says loan servicers are responsible: “LA Files Big-Bucks Suit Against ‘Slumlord’ US Bank, Blames Lender for Condition of Foreclosed Homes” [ABA Journal]
  • “Swiss Banks Face ‘Slow Death’ As Foreign Powers Chase Undeclared Assets” [Giles Broom, Bloomberg/Business Insider]
  • “A comprehensive list of hyperinflations in history” [Steve Hanke/Nicholas Krus, PDF, via Ian Vasquez, Cato]
  • Warning: regs could “wipe out community banking industry by end of this decade” [Cam Fine, ICBA via Iain Murray]

Maryland’s maritime tax mistake

My new post at Cato: “It’s as if the lawmakers in Annapolis didn’t realize that boats are mobile. I wish someone could have explained that to them.” [“Chesapeake Prosperity Sunk By Boat Tax“]

P.S. Not unrelated, Bloomberg video profiling Cherubini firm discusses ill-fated 1990 federal luxury boat tax, repealed after two years, which badly hurt U.S. boat builders by driving buyers abroad (via Chris Fountain).

July 25 roundup

  • Town of Gold Bar, Wash. (pop. 2,100) brought to brink of bankruptcy by multiple lawsuits following political feuds; “We are going broke winning lawsuits,” says mayor [Monroe Monitor via ABA Journal]
  • “No one in Youngstown Ohio has a Swiss bank account…except maybe that big new Swiss employer in town?” [Matt Welch, earlier] William McGurn: FATCA and the IRS’s reach abroad [WSJ via TaxProf, earlier here, here] Politicians and lawyers demand “improvements” to IRS bounty-paid-informant program, but what if anything they improve may depend on your point of view [TaxProf, earlier]
  • A human rights professor endorses a new model of residential facility that comes with names like “Freedom Place.” But what’s that on the door — could it be a lock to prevent escape? [Maggie McNeill] Romney spokesman says he’ll smite smut, Gov. Gary Johnson takes a more libertarian view [Daily Caller]
  • New Mark Herrmann book on in-house lawyering [Victoria Pynchon, Scott Greenfield, Paul Karlsgodt]
  • Mortgage eminent-domain seizure plan raises serious constitutional concerns [Andrew Grossman, earlier here, here]
  • Central casting? Send over one “business basher,” please: Sidney Wolfe says $3 billion Glaxo settlement too lenient [CL&P, earlier]
  • Ted Frank pre-vets the possibilities for Romney VP [PoL] Romney’s law and legal policy team [Brian Baxter, AmLaw Daily]

Don’t “possess” it or “sell” it — but do pay $29 million in taxes on it

…there is one item in the collection [of the late New York dealer Ileana Sonnabend], a work by Robert Rauschenberg that cannot be sold. It contains a stuffed bald eagle and under the terms of the 1940 Bald and Golden Eagle Protection Act and the 1918 Migratory Bird Act, it is a felony to “possess, sell, purchase, barter, transport, import or export any bald eagle — alive or dead.” The estate, advised by three experts, including one from Christie’s, therefore, valued the work at zero. The IRS decided it was worth $65 million, and is demanding $29.2 million in taxes and $11 million in penalties because the heirs “inaccurately” stated its value.

[John Steele Gordon, Commentary on NYT reporting; Popehat]

Abuse in tax lien sales

One way to rein in some of the abuses — see this CNN story — would be to curb arbitrary impositions of “interest” at far higher than actual market interest rates. Very similarly, requiring the use of realistic rather than inflated interest rates would be one way to restrain tax-farming “probation” firms and other abusive privatization of law enforcement, much in the news lately, and also excessive damage awards in civil litigation (where “prejudgment” and “postjudgment” interest is often set at notional and absurdly generous levels.)

A global financial-transactions tax?

United Nations experts are touting the idea as a way of redistributing money from richer to poorer countries [Global Governance Watch, Dan Mitchell/Cato at Liberty, Nile Gardiner/Telegraph] Not incidentally, it would carry a potential for greatly augmenting the power of the fledgling transnational governing class, by at last giving them a source of funds not based on individual state contributions [Jacob Mchangama & Aaron Rhodes, NRO] (& welcome Above the Law readers)

May 22 roundup

  • Lacey Act madness: might Feds be empowered to disrupt summer concerts by seizing musicians’ Gibsons? [Bedard, DC Examiner; earlier; recent Heritage Foundation work; reworded to reflect comment from “Density Duck,” below]
  • Contributors to new “Privatization Blog” include friend of this blog Coyote, e.g. here and here;
  • “Big Government Causes Hyper-Partisanship in the Judicial Appointment Process” [Ilya Shapiro] Fuels Culture War, too: “The faster the state expands, the more likely it is to violate your values” [Matt Welch]
  • Demagogy on expatriates: Schumer proposal for stiff tax on emigrants may have read better in original German [Ira Stoll, Roger Pilon/Cato, Paul Caron/TaxProf]
  • Georgia high court considers $459 million fax-spam verdict [AJC, AP, my take] “Hot fuel” class actions enrich the usual suspects [PoL]
  • New rebuttal to trial lawyer/HBO movie “Hot Coffee” [Victor Schwartz et al, auto-plays video] Ted Frank crossed swords with Litigation Lobby on the movie in January, particularly on the question of coffee temperature and the Liebeck case [PoL]
  • Overlawyered “will become the first [law] blog teenager this summer” [Bruce Carton, Legal Blog Watch] “I’ve been a fan of Walter Olson’s Overlawyered blog for years.” [Amy Alkon, Advice Goddess] Thanks!

Labor and employment roundup

March 21 roundup

  • Shame on DoJ: “Systematic concealment” of evidence when feds prosecuted Sen. Ted Stevens [WaPo, Caleb Mason/Prawfs] NYT notes feds’ losing streak in Foreign Corrupt Practices Act prosecutions [NYT, our latest]
  • Italy: tax officials stop luxury cars, demand drivers’ most recent tax returns [Secular Right]
  • Pinterest: casual users (perhaps especially casual users) might be opening themselves to copyright liability [DDK Portraits, WSJ Law Blog] And in case you needed a reminder not to publish photos grabbed from random web sources… [Webcopyplus]
  • In new Atlantic special report, Philip K. Howard collects papers on outdated government law and regulation from contributors Robert Litan, Julie Barnes, Mark Warner, Jim Cooper;
  • Institute for Justice sues IRS over its new licensing requirements for tax preparers [Ilya Shapiro and Chaim Gordon/Cato, Paul Caron/TaxProf, Katherine Mangu-Ward, Barton Hinkle]
  • “It is acceptable to refer to all court proceedings as a ‘trial,’ because seriously, you ever sat through one of those things?” [@FakeAPStylebook]
  • Christopher Booker series on child-snatching by UK authorities [Telegraph: first, second, third]