Tax Chats

Latest Episodes:

Tax Short - How can I pay nothing in taxes? Dec 06, 2021

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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.

Tax Short - Do Domestic Companies Pay More Tax than Multinational Companies Dec 06, 2021

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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.

Ignoring Scoring is Deploring Dec 01, 2021

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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.gov/about/products/ce-faq
Clarification: One listener emailed and let us know that in the episode, there is a reference that some may interpret as scoring including behavioral effects only since 2003. To be clear, behavioral effects have always been taken into account in JCT scores.

Tax Short - Do Most Public Companies Pay Low or No Tax? Nov 29, 2021

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Scott discusses the common narrative that most large publicly traded companies pay very low or no income tax.

Tax Short - What is a fair tax? Nov 29, 2021

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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?

Insights or Incites? Elizabeth Warren's Report on "Tax Dodgers" Nov 23, 2021

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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.

Tax Short - How Much do Millionaires Pay in Tax? Nov 23, 2021

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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.

Tax Short - Is a 4% Wealth Tax the Same as a 120% Income Tax? Nov 23, 2021

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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.

Ask the Option Tax-Ologist Nov 17, 2021

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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/
3. Reuters: https://www.reuters.com/business/autos-transportation/teslas-musk-says-stock-sale-impact-closer-tax-maximization-2021-11-14/

Tax Short - Why Don't Billionaires Pay Tax? Nov 15, 2021

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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.

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