Dow Jones Newswires (December 17, 2009)
Prof. Edward Kleinbard was quoted about proposed legislation that would ensure no lapse in the estate tax, by being implemented retroactively should it be approved. Kleinbard said that any court challenges against the IRS alleging that the tax violates the constitutional ban against ex post facto laws wouldn't hold up in court and that it would be hard for an individual to claim that he or she relied on current law, since the repeal is only scheduled to be in effect for one year. "When it comes to the estate tax, the reliance argument is just silly, because we don't plan our death around estate tax schedules," Kleinbard said.
Tax Notes (November 17, 2009)
Prof. Edward Kleinbard’s talk at the California State Bar Tax Section's annual meeting was covered. Kleinbard praised the government’s response to the financial crisis. "The financial system of this country teetered on the brink of collapse, and if the financial system collapsed, the real economy would have been dragged down with it," Kleinbard said.
Tax Notes (November 9, 2009)
Prof. Edward Kleinbard’s talk before the President’s Economic Recovery Advisory Board was covered. “[Kleinbard] argued that the United States should move to a dual income tax system. According to Kleinbard’s presentation, a dual income tax system would involve lowering taxes on capital income while managing the tricky distinction between labor and capital income,” the article said.
Daily Trojan (November 8, 2009)
Prof. Edward Kleinbard was quoted about a new federal tax credit for students paying tuition or buying textbooks and other course supplies. Even students who don’t pay any taxes are eligible for the credit. “The general rule for tax credits is that it can only be used as a subsidy for taxes — if you don’t owe a lot of taxes, you can’t utilize it,” Kleinbard said. “Now they have made a refundable credit, which means the government will send you up to $1,000 even if you don’t owe any taxes.”
TP Week (November 4, 2009)
Prof. Edward Kleinbard was quoted in a story about the effect of federal tax legislation on transfer pricing. “Transfer pricing is the inevitable place for governments to look for revenue,” Kleinbard said.
CNN (September 23, 2009)
Prof. Edward Kleinbard was interviewed on “Money” for a story about Montana Sen. Max Baucus' health insurer tax proposal. "This is what's known as a fiscal illusion. Congress is deliberately applying a fiscal illusion to get to the right place in a way that's politically palatable," Kleinbard said, referring to the idea of capping the amount of tax-free money an employer may contribute to a worker's health care costs. The idea is that this measure would encourage workers to buy less comprehensive plans to avoid paying tax on some of their employer's contribution, the story stated. "Over time, the tax bite will be deeper," Kleinbard said, referring to health care costs rising faster than inflation.
Congressional Quarterly (September 23, 2009)
Prof. Edward Kleinbard was quoted about the constitutionality of Sen. Max Baucus' health care bill, which would give the 17 states with the least-affordable health insurance a three-year cushion by starting the excise tax at a higher cost threshold. Kleinbard, who was chief of staff of the Joint Committee on Taxation in May when committee members discussed incorporating regional variations into a cap on the income tax exclusion for employer-provided insurance, said he thought tax writers could craft a constitutional bill, but he added that a state-based strategy would miss important variations within states.
Daily Journal (August 26, 2009)
Prof. Edward Kleinbard was highlighted in a story on how tough economic times have prompted more lawyers to seek teaching jobs in academia. Kleinbard, who spent 30 years practicing with Cleary Gottlieb Steen & Hamilton and then two years as chief of staff of the Joint Committee on Taxation in Washington, D.C., is starting his tenure-track position at USC Law, the story noted. “My first priority is to take care of the students,” he said. “But, as a faculty member, I have obligations to contribute to the academic enterprise. I’m looking forward to both.”
The Wall Street Journal (July 28, 2009)
Prof. Edward Kleinbard was quoted about employers opposing legislation that would increase their share of the payroll tax. “Their big concern is matching half the tax, and the fact that executives would have to pay more,” Kleinbard said.
Dow Jones Newswires (July 15, 2009)
Prof. Edward Kleinbard was quoted about a plan to expand health care coverage which would include raising tax rates for the biggest earners. “The aggregate tax rate would be higher than it’s been in decades. Like an impending execution, that tends to concentrate the mind,” Kleinbard said. If the plan comes to fruition, the higher tax rates might accelerate congressional action toward a broader restructuring of the tax code, he added.
Forbes (July 7, 2009)
Prof. Edward Kleinbard was quoted about recent government economic measures. Both parties have been using special tax breaks and credits to make government look smaller than it really is and to favor one industry over another, Kleinbard said. Kleinbard recently finished a stint as chief of staff at Congress’ Joint Committee on Taxation, the story noted.
Bloomberg News (June 26, 2009)
Prof. Edward Kleinbard was quoted about a tax extender bill within the federal bailout legislation that ended up benefitting a British rum manufacturer. Kleinbard said that Congress routinely ignores the details of tax extenders. “[T]he entire herd of ‘extenders’ is paraded through the legislative process as a unit. And just as good cowboys do not lose many yearlings, it is virtually unheard of for an ‘extender’ to get separated from the rest of the herd and not get renewed,” he said.