Estate Tax Hits 100th Birthday And Paul Caron Calls For Many Happy Returns
I had a bit of an email exchange with Professor Caron asking him to clarify where he is on the ideological spectrum, but he preferred not to say. He indicates that he tries very hard to make the TaxProf Blog an impartial source for tax news and information. I have to say that I think he does a pretty good job, and that is not just because he highlights my stuff from time to time (Of course, it’s not like that hurts either. Just saying.)
Jeb Bush Tax Plan Could Disrupt Real Estate And Small Business
A much more disturbing thought, one for which I will not try to construct examples is what happens with firms that borrow to finance receivables, inventories and to deal with irregular cash flow. During periods in which inventory and receivables are stable there might be a pretty good match between taxable income and after-tax cash flow. The notion that you could run into a rough patch during which there is barely enough operating income to cover your interest expense, but you are still generating taxable income because the interest is not deductible is frightening.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.