Steven Rosenthal

Sep 19, 2024 | taxpolicycenter.org | Steven Rosenthal

During last week’s hearing of the Senate Finance Committee, the Joint Committee on Taxation (JCT) reported that the effective tax rate for the nation’s highest-income taxpayers was 34 percent in 2019.

Aug 29, 2024 | factcheck.afp.com | Steven Rosenthal

"KH wants to impose a 25% tax on UNREALIZED gains. When your house value goes up she wants to tax it even if you're not selling it!" said an August 25 X post. "Her unrealized TAX isn't only applicable to your home. It's applicable to any asset you own. Car. Guns. Furniture. Jewelry. Art. Pensions. Stocks," said a Facebook post with tens of thousands of interactions, circulating as Harris and Republican Donald Trump ramp up their White House campaigns.

Jul 31, 2024 | taxpolicycenter.org | Reuven Avi-Yonah |Steven Rosenthal

In Loper Bright, a case about the environmental regulation of fishing boats, the Supreme Court overruled the Chevron doctrine, which required courts to defer to reasonable interpretations of statutory provisions by agencies, including the IRS. Our TPC colleague Howard Gleckman examined how the courts now could, independently, determine the meaning of statutes (and second-guess the IRS). But the Court also gave Congress a road map to maintain an agency’s power to interpret a statute.

Jun 21, 2024 | taxpolicycenter.org | Steven Rosenthal

This week, the US Supreme Court denied a $15,000 refund to stockholders Charles and Kathleen Moore for taxes they paid on their share of undistributed profits from an offshore corporation. The Court upheld Congress’s taxing authority, at least for taxing undistributed offshore profits. But what about Congress’s authority to tax other unreceived profits, like unrealized capital gains or other capital income?

Apr 1, 2024 | taxpolicycenter.org | Steven Rosenthal |Livia Mucciolo |Robert McClelland |Safia Sayed

From 1965 to 2022, the share of outstanding U.S. stock held in taxable brokerage and mutual fund accounts declined from 79 percent to 27 percent, as reflected in data from the financial accounts of the U.S. government collected by the Federal Reserve. The share of publicly traded stock held in taxable accounts similarly declined from 81 percent to 28 percent (see Table 7). Foreign investors, retirement accounts, and other tax-exempt entities now dominate U.S. stock ownership.