Press: 2017
Wall Street Journal (December 29, 2017)
Edward Kleinbard was quoted on the tax burden of large companies that repatriate their earnings due to the new tax code.
Wall Street Journal (December 23, 2017)
Edward Kleinbard was quoted in a story on how the new tax code will impact domestic filings.
Washington Post (December 18, 2017)
Edward Kleinbard was quoted about a new provision in the tax package, which offers a 20 percent deduction for income earned from “pass-through” entities. Kleinbard called it a “complete giveaway with a discounted tax rate” to real estate partnerships and investors.
Wall Street Journal (December 18, 2017)
Edward Kleinbard was interviewed about how the new tax bill may raise rates some of the world’s richest tech companies. Tech giants could be pinched by provisions in the new tax code aimed at curbing the use of low-tax foreign jurisdictions. “Those firms that have been the world leaders in avoiding taxes will find their tax rates going up,” said Kleinbard,
KNX-AM (December 15, 2017)
Edward Kleinbard was interviewed about the congressional tax reform bill.
Background Briefing (December 14, 2017)
Edward Kleinbard was interviewed on the how the GOP’s tax bill has increasingly narrow prospects in the Senate.
Wall Street Journal (December 12, 2017)
Edward Kleinbard was quoted about the saving for U.S.-based companies under both the House and Senate’s proposed corporate tax rate.
Los Angeles Times (December 11, 2017)
Edward Kleinbard was quoted on how Republican members of Congress are voting for tax reform as an ideology without fully considering the details of their proposed plan. “What we’re missing in the process is virtually the entirety of the process,” said Kleinbard.
The Washington Post (December 9, 2017)
Edward Kleinbard was quoted on why stating that the congressional tax reforms bill will result in a middle-class tax cut is false. “That’s delusional or dishonest to say. It’s factually untrue,” Kleinbard said. He added, “The only group you can point to that wins year after year and wins in very large magnitude is the very highest incomes.”
International Business Times (December 5, 2017)
Edward Kleinbard had comments cited on how investors will benefit from the tax reform bill currently in Congress. “These MLP financial vehicles already operate at a tremendous tax advantage over other publicly-traded businesses, because they are the only public companies that are allowed to escape paying corporate income tax,” Kleinbard wrote. “But that existing subsidy was insufficient for Sen. Cornyn, and now existing investors in such vehicles have been awarded a further windfall by becoming eligible for the new discounted pass-through tax rates sold as tax relief for Main Street business.”
Politifact (December 5, 2017)
Edward Kleinbard had comments cited on how corporations are available to repatriate profits virtually tax-free. “The interest expense will be fully deductible by Apple, and its enormous hoard of foreign earnings will continue to grow,” Kleinbard said. “In that case, the principal of the bond offering will be the economic equivalent of a tax-free repatriation – in this case of $12 billion.”
The Hill (December 4, 2017)
Edward Kleinbard’s op-ed was mentioned on why senators picked Americans’ pockets via degraded tax policy process.
MSNBC (December 4, 2017)
Edward Kleinbard was cited for his comments about the tax bill. “The Senate went out of its way to confirm that passive investors in these publicly traded investment vehicles get the benefit of the pass-through discount tax rate,” said Kleinbard. “This is a working definition of a tax boondoggle.”
The Hill (December 4, 2017)
Edward Kleinbard published a commentary about the process Congress is using to enact tax reform. “My pockets have been picked, and so have yours, by this theft of our revenues to line the pockets of existing investors in these arcane instruments. That is what happens when the tax policy process is allowed to become so thoroughly degraded,” he wrote.
Los Angeles Times (December 4, 2017)
Edward Kleinbard had comments cited about the Senate’s version of the tax reform bill. “How many senators knew that this provision was in the bill when they voted for it that night? Or knew what a master limited partnership even was? My pockets have been picked, and so have yours, by this theft of our revenues to line the pockets of existing investors in these arcane instruments,” wrote Kleinbard.
The New York Times (December 2, 2017)
Edward Kleinbard was quoted about the pass-throughs included in the Senate’s version of the tax reform bill. “The Senate went out of its way to confirm that passive investors in these publicly traded investment vehicles get the benefit of the pass-through discount tax rate,” said Kleinbard. “This is a working definition of a tax boondoggle.”
Opposing Views (December 1, 2017)
Edward Kleinbard was cited for his comments about the tax bill. Kleinbard blasted the GOP tax plan as “a kiss to the donor class.”
The Washington Post (November 30, 2017)
Edward Kleinbard was quoted about a proposed rate cut for companies in the GOP-sponsored tax reform bill. “Allowing expensing on new investments is more targeted,” he said.
The New York Times (November 29, 2017)
Edward Kleinbard was quoted on how the GOP’s tax reform bill will primarily benefit the donor class. “When you put all these pieces together, what you’re left with is we are squandering a giant sum of money,” said Kleinbard. “It’s not aimed at growth. It is not aimed at the middle class. It is at every turn carefully engineered to deliver a kiss to the donor class.” The New York Times also featured Kleinbard’s quote as the “Quotation of the Day” and in its “Morning Briefing” newsletter.
Los Angeles Times (November 25, 2017)
Edward Kleinbard was quoted on how many years it would take for the GOP’s proposed corporate tax cuts to translate into increased income for middle-class families. “It’s a fantastically poorly targeted way of delivering a middle-class tax cut,” said Kleinbard.
The Washington Post (November 19, 2017)
Edward Kleinbard was quoted on why the GOP’s tax reform bill may not encourage more investment by corporations. The bill features “a very top-heavy distribution,” said Kleinbard. The markets “are awash in capital today, and there’s not a sign of needing more investment.”
Daily Journal (November 17, 2017)
Edward Kleinbard was featured for the Tax Reform event he hosted at USC Gould School of Law: “Tax Reform: Perspectives From Across the Nation.” The event featured officials with Tax Analysts, the American Bar Association and USC.
CNBC (November 17, 2017)
Edward Kleinbard’s op-ed about the GOP tax reform plan was cited. “The discounts aren’t really aimed at small businesses. They go to any business, large or small, that happens to be organized as a partnership or an S corporation, as long as it isn’t a service business,” Kleinbard said.
Salon (November 17, 2017)
Edward Kleinbard was cited on why corporate executives are more interested in boosting stock prices than reinvesting any tax relief. “Companies want to get their money back to buy stock and goose the stock price because their senior executives derive so much of their compensation from the stock prices,” Kleinbard said. “Their motives are completely suspect.”
Yahoo Finance (November 14, 2017)
Edward Kleinbard was quoted on how the the current tax code subsidizes automation but does not give equivalent benefits for companies to subsidize training for human employees. “We are subsidizing an investment in robots, but we’re not subsidizing an investment in people,” said Kleinbard. “We are putting our thumb on the scale to encourage investment in machines over humans.”
Los Angeles Times (November 13, 2017)
Edward Kleinbard published an op-ed about the impact of the GOP’s tax reform proposal. “The competing House and Senate tax bills differ in important respects, but they have this in common: a predilection to shower benefits on the very wealthy,” Kleinbard explained. “But the proposals’ true perversity, and the real object of the drafters’ munificence, is fully revealed only by reading the fine print.”
The Hill (November 13, 2017)
Edward Kleinbard published an op-ed about the impact of the GOP’s tax reform proposal, addressing calls for tax cuts for the middle class. “If what we want is middle-class tax cuts, the future be damned, that’s not difficult to do. Give the middle class tax cuts already, and be done with it. That way, economic growth can trickle up, in the form of increased demand,” Kleinbard wrote.
Bloomberg (November 7, 2017)
Edward Kleinbard was quoted on whether Apple pays significant American taxes on its foreign income. “Apple doesn’t pay significant taxes in the U.S. on its foreign income,” said Kleinbard. “Switching its subsidiaries to Jersey will allow Apple to continue its stateless income machinery.”
Newsweek (November 7, 2017)
Edward Kleinbard was cited for his comments on Apple’s practices. He insisted “that the motivation behind these debt reduction and repurchase strategies is to increase the share price, which in turn will drive up the compensation of key corporate officials.”
CBS News (November 7, 2017)
Edward Kleinbard was quoted about excise tax policies and the GOP’s proposed tax reform bill. “The experience from the 2004 tax holiday suggests that most of this money will be distributed to shareholders, not invested in U.S. business assets,” said Kleinbard.
The New York Times (November 6, 2017)
Edward Kleinbard was quoted on how American multinational companies are able to successfully avoid tax obligations worldwide. “U.S. multinational firms are the global grandmasters of tax avoidance schemes that deplete not just U.S. tax collection but the tax collection of most every large economy in the world,” said Kleinbard.
The Guardian (UK) (November 6, 2017)
Edward Kleinbard was quoted about Apple’s corporate tax practices. “US multinational firms are the global grandmasters of tax avoidance schemes that deplete not just US tax collection, but the tax collection of almost every large economy in the world,” said Kleinbard.
Los Angeles Times (November 6, 2017)
Edward Kleinbard was quoted about excise tax policies and the GOP’s proposed tax reform bill. Kleinbard said that the provision is designed to use the threat of an excise tax to force companies to take the second option.
KABC-FM (November 3, 2017)
Edward Kleinbard was quoted about the tax plan proposed by Republicans in the U.S. House of Representatives. “It’s somewhat meaner than people appreciate,” Kleinbard explained. “Example: There are families out there who have very difficult medical situations, pay gigantic bills, dipping into their savings. They (currently) get to deduct those medical costs above ten percent of their gross income. This takes that away.”
CBS News (November 3, 2017)
Edward Kleinbard was quoted in an Associated Press report about the tax plan proposed by Republicans in the U.S. House of Representatives. “The experience from the 2004 tax holiday suggests that most of this money will be distributed to shareholders, not invested in U.S. business assets,” Kleinbard explained. “Interest rates are low, retained earnings are high and credit is available. Most firms thus do not need the repatriated money to fund worthwhile business investments in the U.S.”
The Atlantic (November 1, 2017)
Edward Kleinbard had comments cited on how companies will use their resources to circumvent a global minimum tax. “Companies will double down on tax-planning technologies to create a stream of zero-tax income that brings their average down to that minimum rate,” Kleinbard said.
The Washington Post (October 22, 2017)
Edward Kleinbard was cited for his op-ed about President Donald Trump’s proposed tax plan.
KTAR-FM (October 15, 2017)
Edward Kleinbard was interviewed about President Donald Trump’s tax plan on how it will impact America’s middle class. “It’s not a very coherent philosophical document other than let’s cut taxes on the most affluent Americans,” Kleinbard said.
The New York Times (October 4, 2017)
Edward Kleinbard was quoted on how Trump’s tax plan negates current recession-fighting tax breaks. “There’s no sign that there’s a shortage of capital available to business today,” Kleinbard explained. “So is immediate expensing really necessary?”
Bloomberg (October 4, 2017)
Edward Kleinbard was quoted on how Trump’s tax plan negates current recession-fighting tax breaks. “Really, what we are seeing is a race by the different taxing jurisdictions to claim a share of the tax prize represented by the largely untaxed streams of income that U.S. multinationals have engineered for themselves,’’ said Kleinbard. “If the United States doesn’t join the race, it will just lose tax revenue to more aggressive host countries around the world.’’
Reuters (October 4, 2017)
Edward Kleinbard was quoted on how Trump’s tax plan negates current recession-fighting tax breaks. “There’s no sign that there’s a shortage of capital available to business today,” Kleinbard explained. “So is immediate expensing really necessary?”
Vox (October 4, 2017)
Edward Kleinbard wrote an op-ed on how President Donald Trump’s tax plan would benefit the richest Americans and cost the average citizen more in taxes. “This is a tax proposal only Jay Gatsby could love,” Kleinbard wrote.
The Seattle Times (October 4, 2017)
Edward Kleinbard was quoted on how the European Union’s rules will force American companies to pay more taxes to host countries in which they do business.“The bottom line in every case is that U.S. firms are going to be paying more tax to the host countries around the world in which they do business,” said Kleinbard. “That is clear.”
The Irish Examiner (October 3, 2017)
Edward Kleinbard was quoted on how Trump’s tax plan negates current recession-fighting tax breaks. Kleinbard said that companies will double down on tax-planning technologies.
Bloomberg (October 2, 2017)
Edward Kleinbard was quoted about a proposal in the legislation that would impact the tax burden of corporations that use tax havens outside of the United States. “Companies will double down on tax-planning technologies to create a stream of zero-tax income that brings their average down to that minimum rate,” said Kleinbard.
Los Angeles Times (September 29, 2017)
Edward Kleinbard was quoted about how tax breaks aimed at small businesses may favor some wealthy owners as well. “There is no logic here,” Kleinbard said. “I don’t know why a corner Thai restaurant is inherently better than a … law firm. This will be a gold mine for tax lawyers for decades to come.”
The Washington Post (September 29, 2017)
Edward Kleinbard was quoted on the GOP’s tax reform proposal and how it will impact the federal deficit. Kleinbard explained that the $2.4 trillion debt increase over the first decade could pose a major problem, since it is larger than the $1.5 trillion revenue loss that Senate Republicans agreed to earlier this month.
American Public Media’s “Marketplace” (September 28, 2017)
Edward Kleinbard was quoted on how the richest Americans are likely to benefit from President Donald Trump’s proposed tax plan. “Just about the only thing that we know for sure is that it will be of immense benefit to the wealthy,” Kleinbard said.
Vox (September 28, 2017)
Edward Kleinbard published a commentary about President Donald Trump’s proposed tax plan. According to Kleinbard, in order to balance out the budget, the income tax burden will fall on average Americans while the richest citizens will likely benefit. “Where personal taxes are concerned, the proposal is a surefire winner for the very top of the income ladder, including the president,” he wrote.
The New York Times (September 28, 2017)
Edward Kleinbard was quoted about what income brackets benefit from President Donald Trump’s proposed tax plan. “This is a very cynical document,” said Kleinbard. “The extraordinary thing about the proposal is that we know that it loses trillions of dollars in revenue, yet at the same time the only people we can identify as guaranteed winners are the most affluent.”
Los Angeles Times (September 28, 2017)
Edward Kleinbard was quoted about the impact of the capital gains tax. “Those with accumulated capital gains liabilities can choose when to pay them simply by deferring the sale of the capital asset because that’s when they’re collected,” Kleinbard explained. “Hold the asset long enough to bequeath to one’s heirs, and the tax is extinguished. No other U.S. tax encompasses such an enormous benefit.”
Los Angeles Times (September 28, 2017)
Edward Kleinbard was quoted about the lack of specific policy details in President Donald Trump’s tax reform plan. “We don’t know what the effect will be on lower-income Americans vs. middle-income Americans vs. higher-income Americans except that we know that the highest-income Americans come out way ahead,” Kleinbard said. “That’s the only thing we know for sure.”
The Washington Post (September 26, 2017)
Edward Kleinbard was quoted about the upcoming tax reform fight in Congress and why it is impossible for everyone to benefit under a single plan. “It’s just not possible to do tax reform and make everybody happy — even if you start from the premise of, ‘We’re going to lower tax rates,’ because the [company] profiles are so different,” said Kleinbard. “Unless you simply just give away the store entirely, and destroy any pretense of deficit awareness.”
The Wall Street Journal (September 24, 2017)
Edward Kleinbard published an op-ed about the need to negotiate a bipartisan tax reform package to update the country’s corporate tax regulations. Kleinbard suggests a carbon tax to pay for changes to the corporate tax rate. “Perhaps working together along these lines will remind leaders in both parties that real legislative progress requires accepting some policies you find distasteful, to accomplish goals that are nearer to your heart,” he wrote.
Los Angeles Times (September 13, 2017)
Edward Kleinbard wrote an op-ed on his tax reform proposal. Rather than offering across-the-board tax cuts, Kleinbard recommends offering a lower tax rate to businesses by shifting the tax burden to the company’s investors. In Kleinbard’s solution, the Dual Business Enterprise Income Tax (BEIT) will raise more revenues from individuals and is more fair to those who are less affluent. “Business taxation needs a radical rethink. The Dual BEIT offers just that,” Kleinbard wrote.
Los Angeles Times (September 8, 2017)
Edward Kleinbard was quoted on the concept of the debt ceiling.”There’s no reason for the debt ceiling to exist as a concept,” Kleinbard said.
CBS News (August 30, 2017)
Edward Kleinbard, who was identified as one of the most respected tax analysts in the country, was interviewed about the lack of detail or substance in President Donald Trump’s proposed tax reforms. “No matter how you cut it, corporate tax cuts go disproportionately to the affluent,” he said. “The idea that this will spur growth is a theory. So, what you have here is a naked assertion unmoored to any actual facts.”
Wall Street Journal (August 27, 2017)
Edward Kleinbard was quoted about the impact of a minimal tax requirement on foreign profits of U.S. corporations. A minimum tax would act as a “safety net” against companies trying to pay little or no tax on some foreign income, said Kleinbard. “The United States does not encourage competitiveness when it simply subsidizes international tax avoidance.”
Los Angeles Times (August 23, 2017)
Edward Kleinbard’s scholarship was cited about the financial benefits from the capital gains tax. “The capital gains tax, moreover, is additionally beneficial because,” as Kleinbard noted, “it’s the only voluntary tax — it’s paid only when the investor decides to sell an asset with an embedded gain.”
Bloomberg (August 10, 2017)
Edward Kleinbard was quoted about an existing tax loophole that allows companies with certain ownership structures – like those managed by President Donald Trump’s personal business – to choose to be taxed as an “s corporation,” or pass-through structure to avoid paying personal taxes on profits. “The S corporation loophole survives because there are successful car dealers, insurance agencies, and other pillars of the local establishment in every congressional district whose owners employ it,” said Kleinbard.
Los Angeles Times (August 8, 2017)
Edward Kleinbard was interviewed about how the American government could completely avoid its debt ceiling crisis. “It would be great to use the debt ceiling to obtain leverage on cutting spending to the poor, principally Medicaid,” Kleinbard said, “there’s every reason to believe that he continues internally to lobby for that. His sympathies are widely known.”
The Washington Post (August 8, 2017)
Edward Kleinbard was cited for his New York Times op-ed on why the upcoming debt ceiling debate may result in the United States defaulting on its financial obligations.
Bloomberg (August 8, 2017)
Edward Kleinbard was cited for his New York Times op-ed on why the upcoming debt ceiling debate may result in the United States defaulting on its financial obligations.
Washington Monthly (August 7, 2017)
Edward Kleinbard was cited for his New York Times op-ed on why the upcoming debt ceiling debate may result in the United States defaulting on its financial obligations.
The New York Times (August 7, 2017)
Edward Kleinbard published an op-ed on why the upcoming debt ceiling debate may result in the United States defaulting on its financial obligations. “The differing views in the president’s administration, the Freedom Caucus and changing perspectives on the gravity of default are factors in this year’s debate,” said Kleinbard. “Like an impending execution, [the debt ceiling crisis] should concentrate our minds — now, while something can still be done.” The op-ed was cited by numerous media, including The Washington Post, Bloomberg, and Washington Monthly.
PolitiFact (August 3, 2017)
Edward Kleinbard was quoted on the effectiveness of a tax holiday on increasing corporate spending within the United States. “It’s plausible that people have accelerated their gamesmanship in the anticipation that in tax reform there will be another tax holiday, Kleinbard said. “But it’s not plausible to think the number could be as high as the 2 trillion-dollar difference between the data and what the president said.”
The Washington Post (July 26, 2017)
Edward Kleinbard was quoted on an alternate proposal to tax capital gains. “The economic argument against taxing capital is less and less persuasive,” Kleinbard said, “as the economy becomes more unequal and more rich Americans drawn on inherited wealth rather than the fruits of their own thrift and labor.”
Pacific Standard (June 19, 2017)
Edward Kleinbard was quoted on why a “tax holiday” will not result in significant economic growth or investment in the United States. “What happened [in 2004] is exactly what one would expect,” said Kleinbard. “The money went to stock buybacks and dividends, and did not result in a net investment in the United States.”
The Hill (May 30, 2017)
Edward Kleinbard published an op-ed outlining recommendations for an efficient delivery of low-cost health care instead of relying on the pre-Affordable Care Act insurance market model. “The country prospers when government makes healthcare universally available, and funds that through rational tax policy not tied to one’s employer,” Kleinbard wrote.
NPR (May 24, 2017)
Edward Kleinbard was interviewed about a hedge fund tax loophole known as “basket options.” “There’s an awful lot at stake, both in terms of the unpaid tax, but now also in terms of penalties because the IRS, you know, takes the view that these are abusive tax shelters” noted Kleinbard.
Bloomberg (May 17, 2017)
Edward Kleinbard was quoted on congressional views of a VAT. Many Republicans remain opposed to a VAT because they fear it will lead to a much larger role for the government, but some entertain the idea in exchange for higher income tax cuts. Democrats who call the tax regressive should keep in mind that “government spending that could be financed by a VAT is super-progressive in its application,” said Kleinbard.
Wall Street Journal (May 12, 2017)
Edward Kleinbard was quoted on why President Donald Trump’s assertions that he has no income from Russian sources or debts owed to Russians are meaningless without viewing his tax return documents. “You have to dig down to the 500 entities that comprise his group and look at their transactions, which are summarized on his return as numbers but don’t dig down to the granular level of specific lenders or borrowers or co-investors or customers,” he said.
The New York Times (May 12, 2017)
Edward Kleinbard was quoted on why President Donald Trump’s assertions that he has no income from Russian sources or debts owed to Russians are meaningless without viewing his tax return documents. “You would have to dig down to books and records of underlying entities to see components” of various sources of income, said Kleinbard. “[Without seeing the actual returns] asserting that TTO counterparties are not ‘Russian’ is genuinely meaningless,” using an abbreviation for the Trump Organization.
The New York Times (May 9, 2017)
Edward Kleinbard was quoted about why President Donald Trump’s tax plan will result in revenue losses for the federal government and prove advantageous to wealthy taxpayers. “If this proposal were to pass in substantially the same form, it’s going to be hugely expensive in terms of revenue loss,” said Kleinbard. “It’s going to be hugely advantageous to wealthy taxpayers.”
Bloomberg (May 8, 2017)
Edward Kleinbard was interviewed about why indexing capital gains to the current historically low inflation rate is a strategy to ultimately cut capital gains taxes. Kleinbard said that capital gains currently enjoy a double discount—an “arbitrarily low rate” and “deferral, rather than paying the tax as gains accrue.” Real reform would encompass a comprehensive approach to all capital income, he said.
PolitiFact (April 28, 2017)
Edward Kleinbard was interviewed on why it is unlikely a tax cut will fully pay for itself through economic growth. “A really well-designed corporate tax reform package, including a rate cut, would be accretive to growth,” said Kleinbard, “but not enough to pay for any resulting large-scale deficits.”
New York Times (April 28, 2017)
Edward Kleinbard was interviewed on President Trump’s new tax proposal. “These are all afflictions of the affluent,” said Kleinbard.
Los Angeles Times (April 28, 2017)
Edward Kleinbard wrote an op-ed on President Trump’s new tax proposal. “Trump’s proposed Candy Land giveaways probably are not a serious legislative proposal at all, but simply a grandstanding play to his base. …the underlying theme that what this country needs is a big tax cut is seductive, politically salient and profoundly wrong,” writes Kleinbard.
New York Times (April 27, 2017)
Edward Kleinbard was interviewed on President Trump’s new tax proposal. “The only Americans who are very clear winners under the new system are the wealthiest,” said Kleinbard.
Los Angeles Times (April 26, 2017)
Edward Kleinbard was cited about the limited economic benefits for Americans when tax breaks encourage companies to repatriate foreign income. After the tax holiday, U.S. corporations even stepped up their sequestering of profits abroad, figuring that sooner or later a new administration would offer them yet another break — as Trump is proposing. That hoard of what Kleinbard calls “stateless income” now tops $2 trillion.
CBS News Los Angeles affiliate KNX-AM (April 26, 2017)
Edward Kleinbard was interviewed about President Donald Trump’s proposed tax reforms.
ABC News Los Angeles affiliate KABC-TV (April 26, 2017)
Edward Kleinbard was interviewed about President Donald Trump’s proposed tax reforms. “It’s been called a tax reform plan, but the truth of the matter is, it’s neither tax reform nor a plan,” said Kleinbard. “What it really represents is the Christmas list of a very rich man who still believes in Santa Clause, because almost all of the provisions directly benefit the very richest Americans and the Trump family in particular.”
The Week (April 24, 2017)
Edward Kleinbard was cited about the lack of historical success for President Donald Trump’s tax strategy, which contends tax cuts will pay for themselves through economic growth. “The administration has embarked in a very dangerous direction,” said Kleinbard. “If it is going to rely on the principle that tax cuts can pay for themselves, history has demonstrated that tax policies move the growth needle a bit but no more than that.”
The Washington Post (April 24, 2017)
Edward Kleinbard was interviewed about the lack of historical success for President Donald Trump’s tax strategy, which contends tax cuts will pay for themselves through economic growth. “The administration has embarked in a very dangerous direction,” said Kleinbard. “If it is going to rely on the principle that tax cuts can pay for themselves, history has demonstrated that tax policies move the growth needle a bit but no more than that.”
Bloomberg (April 21, 2017)
Edward Kleinbard was interviewed about the strategy of President Donald Trump’s administration to achieve revenue neutrality through tax reform. Kleinbard noted that funding for the federal government is set to expire on April 28, forcing federal lawmakers “to focus on the consequences for the federal debt of just cutting taxes, against the unsubstantiated promise of higher growth.”
Ian Masters’ “Background Briefing” (April 18, 2017)
Edward Kleinbard was interviewed about President Donald Trump’s proposed tax reforms. “It is impossible from historical evidence or any other to have a clear consensus that tax breaks change labor efforts”, says Kleinbard. “The purpose of government overall is not to tax us, yet that’s how we see things.”
The Hill (April 11, 2017)
Edward Kleinbard published an op-ed on how significant corporate tax reform could enhance economic growth in the United States. Due to precedent, Kleinbard argues it is unlikely Congress will eliminate the loopholes and deductions to make this possible. He also notes America receives the lowest percentage of national income through taxes compared to other developed countries.
KPCC-FM (April 5, 2017)
Edward Kleinbard was interviewed about the federal deduction for state and local taxes. “Where a change in policy would really land is in the upper middle class”, said Kleinbard. “They are the ones who are going to feel it the most.”
Los Angeles Times (April 3, 2017)
Edward Kleinbard was interviewed about how the elimination of a federal deduction for state and local taxes will disproportionally affect residents of blue states. “The only reason to single out state and local taxes is because the Republicans view it as a poke into the eye for the blue states,” said Kleinbard. “They view this as a war on blue states and that’s really quite unfair.”
The Wall Street Journal (March 23, 2017)
Edward Kleinbard was quoted on how a recent case brought by Amazon against the Internal Revenue Service illustrates the need for international tax reform.
The Washington Post (March 23, 2017)
Edward Kleinbard was quoted on how the federal government can avoid refunding the top earners for what they have contributed to Medicare already this year. “If Republicans are concerned about the political implications of withdrawing money from the trust fund to refund the rich, lawmakers could add a provision to instead pay back those taxpayers using general revenue”, says Kleinbard.
The Washington Post (March 22, 2017)
Edward Kleinbard was quoted in an article about why Congress sets retroactive dates for expected tax provisions and changes to the tax code. “To now, in March, retroactively cut taxes in January, is simply a windfall to the most affluent taxpayers in America,” Kleinbard said
CNN (March 16, 2017)
Edward Kleinbard wrote an op-ed about how President Donald Trump’s proposed budget will negatively effect the fiscal health of the United States and grow the federal deficit. “It may be hard to accept, but Reagan was the most fiscally feckless President in modern history. Trump is on track to repeat all the same mistakes, but to do so starting from a weaker fiscal balance sheet,” Kleinbard wrote.
CNN (March 15, 2017)
Edward Kleinbard was interviewed about how only President Donald Trump’s full tax returns will represent a full disclosure of his financial assets. “Only complete returns can resolve the questions swirling around his alleged financial obligations and sources of income, such as Russian oligarchs or other sovereign countries,” Kleinbard said.
New York Times (March 14, 2017)
Edward Kleinbard was interviewed about President Donald Trump’s efforts to advocate to repeal the alternative minimum tax. “It’s disturbing that he is pushing to eliminate the only tax that really bit him in that year”, says Kleinbard.
Digital Journal (March 13, 2017)
Edward Kleinbard’s comments were cited about the financial implications of the Republican effort to repeal and replace the Affordable Care Act. “Repeal-and-replace [of Obamacare] is a gigantic transfer of wealth from the lowest-income Americans to the highest-income Americans,” says Kleinbard.
The Washington Post (March 11, 2017)
Edward Kleinbard was quoted on corporate tax reform and the necessary tax rate to make the plan revenue neutral.“The 20 percent rate is not economically driven,” Kleinbard said. “It’s purely a political number.”
National Public Radio (March 11, 2017)
Edward Kleinbard was interviewed on the reasons that the tax code is such a lengthy document. “The tax code is thousands of pages long for a very simple reason: It is a model, in the economic sense, of all of economic activity,” Kleinbard said. “Most Americans don’t spend a lot of time worrying about the taxation of cutting timber or of being crew on a tuna boat. But there are rules for that, and you may find the rules irrelevant to you, but the rules are complex for a reason.”
The New York Times (March 10, 2017)
Edward Kleinbard was interviewed about the financial implications of the Republican effort to repeal and replace the Affordable Care Act. “Repeal-and-replace is a gigantic transfer of wealth from the lowest-income Americans to the highest-income Americans,” said Kleinbard.
The Conversation (March 10, 2017)
Edward Kleinbard’s research was cited in an article about the arguments for and against taxing capital. “On the evidence of Kleinbard and the hoax, the theory that capital does not bear the economic cost of tax would therefore appear to be a rationalising discourse put forward by those who benefit from lower taxes on capital.”
American Public Media’s “Marketplace” (March 3, 2017)
Edward Kleinbard was interviewed on how party affiliation governs federal budget negotiations. “The budget is a document that has to be passed every year by the congress, signed by the President, says Kleinbard. “The budget is not the creation of the President, the budget is the creation of congress.”
Bloomberg (February 28, 2017)
Edward Kleinbard was quoted about the likely tax policies that President Donald Trump will implement with the Republican majority in Congress. Trump “chose the path of least resistance — to hunker down for a few more months” before Congress puts forth a tax bill, Kleinbard said. In the end, he said, that bill probably won’t include border adjustments. “It’s too complex — it requires a year or two of debate, not several months.”
The Washington Post (February 22, 2017)
Edward Kleinbard and Mihir Desai of Harvard University wrote an op-ed on a possible compromise for President Donald Trump to release his tax returns. Kleinbard and Desai propose Trump release his returns to the Joint Committee on Taxation, which would review the returns and release a redacted version to the public. “American citizens would gain renewed confidence that the highest elected office in the land is occupied by an individual who has fulfilled his civic responsibilities. As distasteful compromises go, it is a win-win proposition,” they wrote.
Bloomberg (February 17, 2017)
Edward Kleinbard was interviewed on how a proposed federal tax package may impact California’s taxpayers and how California lawmakers will respond to the legislation.“There are countervailing factors that tend to be ignored,” says Kleinbard. “It would not surprise me if it had significantly less impact than we think at first glance.”
Bloomberg (February 13, 2017)
Edward Kleinbard was cited for his definition of “stateless income” – “income derived by a multinational group from business activities in a country other than the domicile (however defined) of the group’s ultimate parent company, but which is subject to tax only in a jurisdiction that is not the location of the customers or the factors of production through which the income was derived, and is not the domicile of the group’s parent company.”
The Wall Street Journal (February 9, 2017)
The Wall Street Journal quoted Edward Kleinbard on how a GOP tax proposal will encourage American corporations to invest domestically to avoid foreign corporate income taxes.
The Washington Post (February 5, 2017)
Edward Kleinbard was quoted on how different factions of the Republican party focus on different facets of the caucus’ proposed tax plan to fit their political views.The Republican plan “has turned out to be like a Rorschach test,” said Kleinbard. “People can see in it anything they choose.”
Politico (February 3, 2017)
Edward Kleinbard was quoted about how it may be difficult for the Republican Party to defend border adjustments in their tax plan if currency markets force higher prices for consumers. “I find it difficult to imagine members of Congress putting their political futures in the hands of the currency markets,” said Kleinbard. “Because if the magic doesn’t work, Joe Consumer does pay more at Walmart.”
The Wall Street Journal (February 2, 2017)
Edward Kleinbard as quoted on how a GOP tax proposal will encourage American corporations to invest domestically to avoid foreign corporate income taxes.
Los Angeles Times (January 26, 2017)
Edwards Kleinbard’s op-ed was cited on how proposed changes to federal tax policies would eliminate corporate incentives to locate their tax homes outside of the United States and the impact of new import taxes on the value of the dollar.“Tax considerations thus would not influence business decisions as much as they do today,” said Kleinbard. The change, he added, “would largely eradicate the ‘stateless income’ tax planning games through which U.S. multinationals carry on their books more than $2.5 trillion in very-low-taxed offshore earnings, at the expense of the United States and other countries where those firms are actually doing business.”
Financial Times (January 24, 2017)
Edward Kleinbard was quoted in an article about on how corporations expect to pay interest on bonds and loans as part of their operating expenses. “The basic principle of corporate taxation is that a firm’s remittance to the government is linked to its net profits. Since the early 20th century, interest payments on bonds and loans have been considered an operating expense: the “rental cost of capital” says Kleinbard.
The Guardian (UK) (January 23, 2017)
Edward Kleinbard was quoted about how wealth has essentially become hereditary in America and on his new book, We Are Better Than This: How Government Should Spend Our Money. “Because we do that, those with great wealth can accumulate even more. We are drifting towards neo-feudalism. We’re making wealth a hereditary gene”, says Kleinbard.
The Wall Street Journal (January 19, 2017)
Edward Kleinbard was quoted on the potential impacts on American wealth of a Republican proposal to adjust the corporate tax structure.
BYU Radio (January 19, 2017)
Edward Kleinbard was interviewed about how to apply empathy when crafting government policy and on his new book, We Are Better Than This: How Government Should Spend Our Money.
BYU Radio (January 19, 2017)
Edward Kleinbard was interviewed in a broadcast about how the government should spend our money. “The government is not serving us as well as government could, and its doing that as a reason that comes as a surprise to a lot of us which is, government is too small. it is not big”, says Kleinbard. ” We don’t call on government to do the kinds of things that government could do better than a private sector”.
Bloomberg (January 17, 2017)
Edward Kleinbard was quoted about PricewaterhouseCoopers LLP’s hiring of 600 tax employees from General Electric Co. Few other corporations have a tax team as large, as sophisticated and as global as the one GE has amassed. More than 600 tax professionals don’t constitute a department, but an “army,” said Kleinbard.
Los Angeles Times (January 13, 2017)
Edward Kleinbards op-ed about a proposed tax plan that will affect how corporations will handle stateless income moving forward. According to Kleinbard, a change of this magnitude should be carefully vetted and debated instead of rushing through a vote was published. “e new Congress and President-elect Donald Trump have made corporate tax reform one of their top legislative priorities, after repeal of the Affordable Care Act. “The political jockeying is intense, but the most plausible scenario has congressional Republicans using reconciliation procedures to fast-track a corporate tax reform bill, which could be passed on straight party lines in both chambers without the possibility of Senate filibusters” says Kleinbard. “Once-in-a-generation corporate tax reform thus could move from perennial dream to law in 2017.”
Politico (January 12, 2017)
Edward Kleinbard was quoted on how a currency adjustment to offset a proposed import tax may result in a wealth transfer for Americans holding assets abroad. “It is bewildering to me why a multitrillion-dollar hit to American firms and investors hasn’t been front and center in the debate,” he told Morning Tax.
Bloomberg (January 5, 2017)
Edward Kleinbard was quoted on how the Republican Party’s tax plan will address stateless income. “It’s one of the chief virtues of the idea,” said Kleinbard. “It is not the only way to address stateless income gaming, but it definitely is a reasonably robust strategy.”