Tax Short - How can I pay nothing in taxes?
Send us a text Jeff explains how it should never be the goal to pay nothing in taxes, but, rather, as far as your financial life goes, to maximize your after-tax income.
Dec 06, 2021•3 min•Season 1Ep. 21
Tax Chats
Taxes touch every aspect of society, including who rules, where factories are built, what people drink, what car they buy, when they have children, and when they die. Scott Dyreng (Duke) and Jeff Hoopes (UNC), two accounting professors, chat about taxes, including current events, with the energy of an over-caffeinated chihuahua. Listening is guaranteed to be far more entertaining than actually paying your taxes.
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Episodes
Tax Short - Do Domestic Companies Pay More Tax than Multinational Companies
Send us a text Scott discusses whether domestic companies pay more tax than multinational companies. The episode addresses a commonly held belief that domestic firms are at a tax-based cost disadvantage. An example would be this Op-Ed, published by Bloomberg .
Dec 06, 2021•4 min•Season 1Ep. 22
Ignoring Scoring is Deploring
Send us a text We discuss "scoring" with Brigham Young University Professor John Barrick. Scoring is the process used to determine how much revenue a tax bill will generate, or how much revenue a spending bill will consume. Scoring is a major part of every tax bill, including the Biden's Build Back Better plan. For example, the most current scoring of the BBB can be found here . More information can be found here: jct.gov https://www.jct.gov/operations/frequently-asked-questions/ https://www.cbo...
Dec 01, 2021•36 min•Season 1Ep. 20
Tax Short - Do Most Public Companies Pay Low or No Tax?
Send us a text Scott discusses the common narrative that most large publicly traded companies pay very low or no income tax.
Nov 29, 2021•4 min•Season 1Ep. 19
Tax Short - What is a fair tax?
Send us a text Jeff talks about fair taxes. People always say they want a fair tax system, or that they want people to pay their fair share. What would a fair tax system look like?
Nov 29, 2021•3 min•Season 1Ep. 18
Insights or Incites? Elizabeth Warren's Report on "Tax Dodgers"
Send us a text Jeff and Scott discuss a recent report released by Senator Elizabeth Warren's office entitled "Tax Dodgers: How Billionaire Corporations Avoid Paying Taxes and How to Fix It" available here . We discuss the weaknesses in the report, including the language to describe tax avoidance, and the facts underlying the data in the report. We describe how the report does not appear to provide many insights, but instead appears designed to incite anger against large profitable corporations....
Nov 23, 2021•34 min•Season 1Ep. 17
Tax Short - Is a 4% Wealth Tax the Same as a 120% Income Tax?
Send us a text Jeff discusses wealth and income tax rates. We are used to thinking of tax rates on income. How do we think about tax rates on wealth? Luckily, there is an easy way to convert a wealth tax rate into an income tax rate, and, the result may surprise you.
Nov 23, 2021•4 min•Season 1Ep. 16
Tax Short - How Much do Millionaires Pay in Tax?
Send us a text Scott discusses how much tax millionaires pay. Millionaires and Billionaires are often used in the same way to describe someone who is rich. But the taxes levied on the typical millionaire are vastly different than the taxes levied on many Billionaires.
Nov 23, 2021•4 min•Season 1Ep. 15
Ask the Option Tax-Ologist
Send us a text We discuss tax issues related to stock options. The discussion is related to Elon Musk's recent infamous twitter poll , in which he asked his followers if he should sell some of his shares in Tesla. Scott buys an option in real time. Related articles are found here: 1. CNBC: https://www.cnbc.com/2021/11/07/elon-musk-faces-a-15-billion-tax-bill-which-is-likely-the-real-reason-hes-selling-stock.html 2. Fortune: https://fortune.com/2021/11/10/tesla-elon-musk-stock-options-tax-mistake...
Nov 17, 2021•31 min•Season 1Ep. 14
Tax Short - Why Don't Billionaires Pay Tax?
Send us a text Jeff describes why many billionaires don't pay any tax (or at least pay rates of tax that are far lower than millionaires). He discusses the idea of unrealized gains.
Nov 15, 2021•3 min•Season 1Ep. 13
Tax Short - The Pros and Cons of Taxing GAAP (the Amazon Tax)
Send us a text Scott explains why companies have two separate accounting systems, one for reporting income to shareholders (GAAP), and one for reporting income to the IRS. He describes some pros and cons to taxing GAAP, as has been proposed by Joe Biden, Elizabeth Warren, and others.
Nov 15, 2021•7 min•Season 1Ep. 12
The BBB (Build Back Better) Potpouri
Send us a text We discuss some of the not-so-talked-about provisions in the Build Back Better tax plan, including (but not limited to) tax credits for journalists and ebikes, credits for electric vehicles, and some of the complications that arise when trying to provide tax incentives only under specific circumstances. We discuss tax credits, refundable credits, phase outs, tax incidence, and more....
Nov 10, 2021•35 min•Season 1Ep. 11
Tax Short - How Much Tax Should a Socially Responsible Firm Pay?
Send us a text Jeff briefly discusses how much tax a socially responsible firm should pay. He explains that a dollar of tax paid might translate to one fewer dollar used for other socially responsible objectives.
Nov 08, 2021•3 min•Season 1Ep. 10
Tax Short - How Salesforce.com Paid No Tax on $2.6 Billion in Profits
Send us a text Scott describes how Salesforce.com used tax deductions from share-based compensation to reduce its U.S. tax bill to $0 despite reporting billions in profits to shareholders.
Nov 08, 2021•5 min•Season 1Ep. 9
A Billionaires Tax? Is it a wealth tax? Could it happen?
Send us a text We discuss the recent proposal for a billionaire's tax. We describe the tax, discuss how it could force the very rich to pay more in tax, and the possible complications of such a tax.
Nov 05, 2021•33 min•Season 1Ep. 6
The Tax on GAAP is Back (or at least proposed)
Send us a text We discuss the recently proposed 15% corporate minimum tax to be applied to financial accounting earnings. The idea was proposed by Senator Elizabeth Warren in 2019. At that time, we wrote several articles that were published in by various media outlets: WSJ: https://www.wsj.com/articles/dont-let-warren-politicize-accounting-11557089967 The Hill: https://thehill.com/opinion/finance/439693-warrens-corporate-tax-solution-is-fundamentally-flawed A few months later, 11 Senators wrote ...
Nov 05, 2021•34 min•Season 1Ep. 7
Building Back Better with SALT-y Tax Cuts for the Rich?
Send us a text We discuss the recently proposed removal of the federal tax deduction for state and local taxes. The restriction would largely benefit wealthy or high-income taxpayers in states with relatively high tax rates (California, New York, etc.) More information can be found at www.taxchats.org
Nov 04, 2021•32 min•Season 1Ep. 8
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