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Taxes and Tax Reform in an Era of Hyper-Deficits and Gridlock

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Title: Taxes and Tax Reform in an Era of Hyper-Deficits and Gridlock


1
Taxes and Tax Reform in an Era of Hyper-Deficits
and Gridlock
  • by Jon Forman
  • Alfred P. Murrah Professor of Law
  • University of Oklahoma
  • http//www.law.ou.edu/faculty/forman.shtml
  • Oklahoma City
  • Economic Roundtable
  • March 2, 2011

2
Overview
  • The Budget Outlook
  • Short-term
  • Long-term
  • Taxes
  • The Current Tax System
  • Recent Tax Reform Proposals

3
Short-TermProjected Budget Totals
Budget Totals, billions 2011 2012-2021
Receipts 2,228 39,084
Outlays 3,708 46,055
Deficit 1,480 6,971
Budget Totals, GDP
Receipts 14.8 19.9
Outlays 24.7 23.5
Deficit 9.8 3.6
Public Debt, GDP 69.4 75.3
Congressional Budget Office, The Budget and
Economic Outlook Fiscal Years 2011 to 2021
(January 2011), http//www.cbo.gov/ftpdocs/120xx/d
oc12039/01-26_FY2011Outlook.pdf.
4
Congressional Budget Office, The Budget and
Economic Outlook Fiscal Years 2011 to 2021
(January 2011), http//www.cbo.gov/ftpdocs/120xx/d
oc12039/01-26_FY2011Outlook.pdf.
5
(No Transcript)
6
Congressional Budget Office, The Budget and
Economic Outlook Fiscal Years 2011 to 2021
(January 2011), http//www.cbo.gov/ftpdocs/120xx/d
oc12039/01-26_FY2011Outlook.pdf.
7
(No Transcript)
8
(No Transcript)
9
(No Transcript)
10
U.S. Department of the Treasury, Financial
Management Service, A Citizens Guide to the
Financial Report of the United States Government
(2009).
11
Congressional Budget Office, The Long-Term Budgt
Outlook (Revised August 2010), at 5,
http//www.cbo.gov/ftpdocs/115xx/doc11579/06-30-LT
BO.pdf.
12
Factors Explaining Future Federal Spending on
Medicare, Medicaid, and Social Security
(percentage of GDP)
  •     

Congressional Budget Office, The Long-Term Budget
Outlook (June 2009), at 12 (Box 1-2).
13
Taxes
  • Overview of the federal tax system
  • Recent tax reform proposals

14
Joint Committee on Taxation, Present Law and
Historical Overview of the Federal Tax System
(JCX-1-11), January 18, 2011, at 71, www.jct.gov.
15
Proposed Budget Receipts
Receipts, billions 2011 2014
Individual income taxes 998 1,671
Corporation income taxes 279 398
Payroll taxes 819 1,092
Excise taxes 73 86
Estate and gift taxes 11 14
Custom duties and other receipts 47 75
Total receipts 2,228 3,442
GDP 15,034 17,258
Receipts, GDP 14.8 19.9
Congressional Budget Office, The Budget and
Economic Outlook Fiscal Years 2011 to 2021
(January 2011), http//www.cbo.gov/ftpdocs/120xx/d
oc12039/01-26_FY2011Outlook.pdf.
16
Joint Committee on Taxation, Present Law and
Historical Overview of the Federal Tax System
(JCX-1-11), January 18, 2011, www.jct.gov.
Joint Committee on Taxation, Present Law and
Historical Overview of the Federal Tax System
(JCX-1-11), January 18, 2011, at 70, www.jct.gov.
17
(No Transcript)
18
Tax-to-GDP ratio, 2008
OECD Tax Database, http//www.oecd.org.
19
Edward D. Kleinbard, Muddling Through the Budget
Crisis (January 6, 2011) OECD Tax Database,
http//www.oecd.org.
20
Joint Committee on Taxation, Present Law and
Historical Overview of the Federal Tax System
(JCX-1-11), January 18, 2011, at 72, www.jct.gov.
21
Congressional Budget Office, Trends in Federal
Tax Revenues and Rates (December 2, 2010), at 10,
http//finance.senate.gov/imo/media/doc/120210DEte
st.pdf.
22
Joint Committee on Taxation, Present Law and
Historical Overview of the Federal Tax System
(JCX-1-11), January 18, 2011, at 66, www.jct.gov.
23
Top 10 Income Tax Expenditures, 2012 (Billions)
Health insurance exclusion 184
Mortgage interest deduction 99
401(k) plans 68
Step-up of basis at death 61
Exclusion of net imputed rental income 51
Deductible nonbusiness state and local taxes other than on houses 49
Employer plans 45
Charitable contrib. (other than health education) 43
Capital gains (except agriculture, timber, iron, coal) 38
Exclusion of interest on tax-exempt bonds 37
23
2012 Federal Budget, Analytical Perspectives,
Chapter 17, Tax Expenditures, Table 17-3,
http//www.whitehouse.gov/omb/budget/Analytical_Pe
rspectives.
24
Congressional Budget Office, The Budget and
Economic Outlook Fiscal Years 2011 to 2021
(January 2011), http//www.cbo.gov/ftpdocs/120xx/d
oc12039/01-26_FY2011Outlook.pdf.
25
25
Office of Management and the Budget, A New Era of
Responsibility Renewing Americas Promise
(2009).
26
Rising Poverty
U.S. Census Bureau, Income, Poverty, and Health
Insurance Coverage in the United States 2009,
(Current Population Report No. P60-238, September
2010), http//www.census.gov.
27
Congressional Budget Office, Trends in Federal
Tax Revenues and Rates (December 2, 2010), at 24,
http//finance.senate.gov/imo/media/doc/120210DEte
st.pdf.
28
Rising Inequality
29
Congressional Budget Office, Trends in Federal
Tax Revenues and Rates (December 2, 2010), at 15,
http//finance.senate.gov/imo/media/doc/120210DEte
st.pdf.
30
(No Transcript)
31
Shares of Total Business Returns and Net Income,
1980-2007
1980 1990 2000 2007
S Corporations
Returns 4 8 11 12
Net Income 1 8 14 14
Partnerships
Returns 11 8 8 10
Net Income 3 3 18 23
Sole Proprietorships
Returns 69 74 72 72
Net Income 17 26 15 10
C Corporations
Returns 17 11 9 6
Net Income 80 62 53 53
Internal Revenue Service, Statistics of Income,
www.irs.gov/taxstats.
32
Expired Tax Provisions 2010
  • First-time homebuyer credit
  • Making work pay credit
  • Build America Bonds
  • Estate and gift tax regime for 2010

Joint Committee on Taxation, List of Expiring
Federal Tax Provisions, 2010-2020 (JCX-2-11),
January 21, 2011, www.jct.gov.
33
Expiring Tax Provisions 2011
  • Tax credit for research and experimentation
    expenses
  • Increased AMT exemption amount
  • Increase in expensing to 500,000/2,000,000
  • Above-the-line deduction for qualified tuition
    and related expenses
  • Temporary 2 payroll tax cut

Joint Committee on Taxation, List of Expiring
Federal Tax Provisions, 2010-2020 (JCX-2-11),
January 21, 2011, www.jct.gov.
34
Expiring Tax Provisions 2012
  • Most 2001 and 2003 tax cuts
  • 35 maximum rate
  • 10 minimum rate
  • 1,000 child tax credit
  • 15 capital gain and dividend rates
  • Expanded earned income tax credit
  • American opportunity tax credit
  • Reduced estate and gift taxes

Joint Committee on Taxation, List of Expiring
Federal Tax Provisions, 2010-2020 (JCX-2-11),
January 21, 2011, www.jct.gov.
35
Recent Tax Reform Proposals
  • Presidents Economic Recovery Advisory Board, The
    Report on Tax Reform Options Simplification,
    Compliance, and Corporate Taxation (August 2010).
  • National Commission on Fiscal Responsibility and
    Reform, The Moment of Truth (December 2010).
  • Bipartisan Policy Center, Restoring Americas
    Future (November 2010).
  • Co-Chairs Pete Domenici Alice Rivlin

36
Recent Tax Reform Proposals
  • Bipartisan Tax Fairness and Simplification Act of
    2010 (2010).
  • Senators Ron Wyden and Judd Gregg
  • Rep. Paul Ryan, The Roadmap Plan (2010).
  • National Taxpayer Advocate, 2010 Annual Report to
    Congress (December 31, 2010).
  • President Obamas FY2012 Budget

37
Principles of Sound Tax Policy
  • Simplicity
  • Transparency
  • Neutrality
  • Stability
  • No Retroactivity
  • Broad Bases and Low Rates

Tax Foundation, The Principles of Sound Tax
Policy , http//www.taxfoundation.org/publications
/show/25982.html.
38
More Principles of Sound Tax Policy
  • Distribution matters
  • A just distribution of economic resources
  • Intergenerational justice/ Deficits
  • Behavioral consequences matter
  • Encourage work and savings
  • Marriage penalties and bonuses
  • Keep effective rates as low as possible
  • Growth and a stronger dollar

38
39
Tax Base
  • Income
  • Consumption
  • Earnings
  • Wealth

40
President Obama Reform Corporate Individual
Tax
  • Im asking Democrats and Republicans to simplify
    the system. Get rid of the loopholes. Level the
    playing field. And use the savings to lower the
    corporate tax rate for the first time in 25 years
    - without adding to our deficit. It can be
    done.
  • In fact, the best thing we could do for all
    Americans is to simplify the individual tax code.
    This will be a tough job, but members of both
    parties have expressed interest in doing this,
    and I am prepared to join them.

Text of President Barack Obamas State of the
Union Address , http//www.politico.com/news/stori
es/0111/48181.html.
41
PERAB Simplification Options
  • Simplification for Families
  • Consolidate Family Credits and Simplify
    Eligibility Rules
  • Simplify and Consolidate Tax Incentives for
    Education

42
PERAB, The Report on Tax Reform Options
Simplification, Compliance, and Corporate
Taxation, at 6, http//www.whitehouse.gov/sites/de
fault/files/microsites/PERAB_Tax_Reform_Report.pdf
.
43
PERAB Simplification Options
  • Simplify Savings and Retirement Incentives
  • Consolidate Retirement Accounts
  • Integrate IRA and 401(k)-type Contribution Limits
    and Disallow Nondeductible Contributions
  • Consolidate Non-Retirement Savings
  • Reduce Retirement Account Leakage
  • Simplify Taxation of Social Security

44
PERAB Simplification Options
  • Simplify Taxation of Capital Gains
  • Harmonize Rules and Tax Rates for Long-Term
    Capital Gains
  • Simplify Capital Gains Tax Rate Structure
  • Limit or Repeal Section 1031 Like-Kind Exchanges
  • Capital Gains on Principal Residences

45
PERAB Simplification Options
  • Simplify Tax Filing
  • The Simple Return
  • Data Retrieval
  • Raise the Standard Deduction and Reduce the
    Benefit of Itemized Deductions
  • Simplification for Small Business
  • The Alternative Minimum Tax

46
PERAB Compliance Options
  • Dedicate More Resources to Enforcement and
    Enhance Enforcement Tools
  • Increase Information Reporting and Source
    Withholding
  • Clarify the Definition of a Contractor

47
PERAB Corporate Tax Reform
  • Reduce Marginal Corporate Rates
  • Broaden the Corporate Tax Base
  • Eliminate or Reduce Tax Expenditures
  • Eliminate the Domestic Production Deduction
  • Eliminate or Reduce Accelerated Depreciation
  • Eliminate Other Tax Expenditures

48
PERAB International Corporate Tax Issues
  • Option 1 Move to a Territorial System
  • Option 2 Move to a Worldwide System with a Lower
    Corporate Tax Rate
  • Option 3 Limit or End Deferral with the Current
    Corporate Tax Rate
  • Option 4 Retain the Current System but Lower the
    Corporate Tax Rate

49
Presidents Fiscal Commission
  • Co-chairs Alan Simpson Erskine Bowles
  • Designed to raise 21 of GDP
  • Individual tax rates of 12, 22, and 28
  • Eliminate the AMT
  • Eliminate the phase-out of personal exemptions
    limits on itemized deductions
  • Eliminate itemized deductions but retain standard
    deduction personal exemptions
  • Tax capital gains dividends as ordinary income

The National Commission on Fiscal Responsibility
and Reform, The Moment of Truth (December 2010),
http//www.fiscalcommission.gov Tax Policy
Center, http//www.taxpolicycenter.org.
50
Presidents Fiscal Commission
  • Eliminate tax expenditures except
  • child credit and earned income tax credit
  • mortgage interest deductionreplace with 12
    credit 500,000 mortgage cap
  • cap and phase out the exclusion for
    employer-sponsored health care
  • charitable giving deductionreplace with 12
    credit for contributions over 2 AGI

The National Commission on Fiscal Responsibility
and Reform, The Moment of Truth (December 2010),
http//www.fiscalcommission.gov.
51
Presidents Fiscal Commission
  • Eliminate tax expenditures except
  • exclusion of interest on state and municipal
    bondstax interest only on newly-issued bonds
  • retirement savingsmaintain basic preferences,
    but consolidate retirement accounts and cap
    annual tax-preferred contributions at lower of
    20,000 or 20 percent of income expand savers
    credit
  • defined benefit pensions

The National Commission on Fiscal Responsibility
and Reform, The Moment of Truth (December 2010),
http//www.fiscalcommission.gov.
52
Presidents Fiscal Commission
  • Eliminate corporate tax expenditures reduce
    corporate tax rate to 28
  • Territorial tax system for active foreign-source
    income
  • Increase Social Security taxable wage base to 90
    of wages, by 2050
  • Increase the gasoline excise tax on gasoline by
    15 per gallon

The National Commission on Fiscal Responsibility
and Reform, The Moment of Truth (December 2010),
http//www.fiscalcommission.gov.
53
Bipartisan Policy Center
  • Co-Chairs Pete Domenici Alice Rivlin
  • one-year payroll tax holiday in 2011 to help
    stimulate economic recovery
  • individual tax rates 15 on the 1st 50,000 of
    taxable income (100,000 for married couples, 27
    on excess
  • eliminate the AMT

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
54
Bipartisan Policy Center
  • Eliminate tax expenditures
  • exclusion from tax of the inside buildup of life
    insurance and deferred annuities
  • credits and deductions for higher education
    expenses
  • credit for child dependent care
  • exclusion from income of benefits under Section
    125 cafeteria plans
  • foreign earned income exclusion

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
55
Bipartisan Policy Center
  • Exempt the first 1,000 of net long-term gains
    from taxation (indexed for inflation)
  • tax any additional long-term gains and all
    qualified dividends as ordinary income
  • include in income unrealized capital gains at
    death
  • Cap and phase out the exclusion for
    employer-sponsored health care

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
56
Bipartisan Policy Center
  • Eliminate deduction for state and local taxes
  • Replace charitable contributions and mortgage
    interest deductions with 15 refundable credits
  • Retain medical deduction

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
57
Bipartisan Policy Center
  • Replace the standard deduction, personal
    exemptions, head of household filing status, the
    child tax credit, and the earned income tax
    credit with two refundable credits
  • 1,600 for each dependent child
  • an earnings credit equal to 21.3 percent of the
    first 20,300 of earnings

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
58
Bipartisan Policy Center
  • Tax all Social Security benefits, eliminate the
    elderly credit provide 2 new credits
  • 7.5 of Social Security benefits
  • 15 of the current standard deduction for
    individuals age 65 or older
  • Increase Social Security taxable wage base to 90
    of wages

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
59
Bipartisan Policy Center
  • Impose a 6.5 broad-based consumption tax
  • Impose an excise tax 1/ounce on sugar-sweetened
    beverages
  • Raise the excise tax on alcoholic beverages to
    25/ounce
  • Estate tax 3.5 million exemption and 45

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
60
Bipartisan Policy Center
  • Corporate taxes
  • reduce the corporate rate to 27
  • eliminate many tax expenditures
  • domestic production deduction
  • research and experimentation credit
  • accelerated depreciation for rental housing
  • retain deferral of income for controlled foreign
    corporations

Bipartisan Policy Center, Restoring Americas
Future (November 2010), http//bipartisanpolicy.or
g/sites/default/files/FINAL20DRTF20REPORT2011.1
6.10.pdf.
61
Wyden-Gregg Tax Act
  • Like the Tax Reform Act of 1986
  • Individuals
  • top tax rate of 35
  • standard deduction of 15,000 (30,000 for
    couples)
  • repeal AMT
  • 35 exclusion for capital gains and qualified
    dividends
  • eliminate lots of tax breaks

Senators Ron Wyden Judd Gregg, Bipartisan Tax
Fairness and Simplification Act of 2010 (2010),
http//wyden.senate.gov/issues/issue/?idFB5B603A-
ED94-48A8-8FF1-C220C1052B3F.
62
Wyden-Gregg Tax Act
  • Corporate business
  • replaces the graduated corporate rate structure
    with a flat rate of 24
  • eliminates many business tax breaks
  • allow unlimited expensing of equipment and
    inventories for small businesses

Senators Ron Wyden Judd Gregg, Bipartisan Tax
Fairness and Simplification Act of 2010 (2010),
http//wyden.senate.gov/issues/issue/?idFB5B603A-
ED94-48A8-8FF1-C220C1052B3F.
63
Rep. Ryans Roadmap
  • Designed to raise 19 of GDP
  • Pay income taxes through existing law, or
  • Through a highly simplified code with virtually
    no tax breaks
  • 10 on the first 50,000 (100,000 for couples),
    25 on the rest
  • 39,000 standard deduction personal exemptions
    for a family of 4

Paul Ryan, The Roadmap Plan (2010),
http//www.roadmap.republicans.budget.house.gov.
64
Rep. Ryans Roadmap
  • eliminate the AMT
  • eliminate taxes on interest, capital gains, and
    dividends
  • Eliminate the estate tax
  • Replace the corporate income tax with a
    border-adjustable business consumption tax of 8.5

Paul Ryan, The Roadmap Plan (2010),
http//www.roadmap.republicans.budget.house.gov.
65
National Taxpayer Advocate
  • Repeal the AMT
  • Consolidate the family tax provisions
  • Improve other provisions relating to taxation of
    the family unit
  • Consolidate education savings incentives
  • Consolidate retirement savings incentives

National Taxpayer Advocate, 2010 Annual Report to
Congress (December 31, 2010), http//www.taxpayera
dvocate.irs.gov/Media-Resources/Annual-Report-To-C
ongress-Full-Report.
66
National Taxpayer Advocate
  • Simplify worker classification determinations
  • Eliminate (or reduce incentives for lawmakers to
    enact tax sunsets
  • Eliminate (or simplify) phase outs
  • Streamline the penalty regime

National Taxpayer Advocate, 2010 Annual Report to
Congress (December 31, 2010), http//www.taxpayera
dvocate.irs.gov/Media-Resources/Annual-Report-To-C
ongress-Full-Report.
67
President Obamas 2012 Budget
  • Extend the Earned Income Credit
  • Expand the Dependent Care Credit
  • Extend American Opportunity Credit
  • Tax Dividends and Net Long-Term Capital Gains at
    a 20-Percent Rate for Upper-Income Taxpayers
  • Reduce the Value of Certain Tax Expenditures for
    Upper-Income

U.S. Department of the Treasury, General
Explanations of the Administrations Fiscal Year
2012 Revenue Proposals (February 2011),
http//www.treasury.gov/.
68
President Obamas 2012 Budget
  • Enhance and Make Permanent the Research and
    Experimentation (RE) Tax Credit
  • Reform Extend Build America Bonds
  • Reform Treatment of Financial Institutions and
    Products
  • Reinstate Superfund Taxes
  • Reform U.S. International Tax System

U.S. Department of the Treasury, General
Explanations of the Administrations Fiscal Year
2012 Revenue Proposals (February 2011),
http//www.treasury.gov/.
69
President Obamas 2012 Budget
  • Eliminate Oil and Gas Preferences
  • Eliminate Coal Preferences
  • Expand Information Reporting
  • Improve Compliance by Businesses
  • Require Greater Electronic Filing
  • Worker Classification
  • Strengthen Tax Administration
  • Expand Penalties

U.S. Department of the Treasury, General
Explanations of the Administrations Fiscal Year
2012 Revenue Proposals (February 2011),
http//www.treasury.gov/.
70
Consumption Tax Options
  • Progressive Personal Consumption Tax
  • Subtraction method Value Added Tax
  • Treasury Department proposal for Business
    Activity Tax (BAT)
  • Credit-method (European) VAT
  • National retail sales tax (RST)

Charles E. McClure, Jr., Why the United States
Needs a Value Added Tax (2009),
http//www.taxadmin.org/Fta/meet/09am/papers/McClu
re.pdf.
71
(No Transcript)
72
Earlier Tax Reform Proposals
  • Presidents Advisory Panel on Tax Reform, Final
    Report (November 1, 2005), http//govinfo.library.
    unt.edu/taxreformpanel.
  • David Bradford and the U.S. Treasury Tax Policy
    Staff. Blueprints for Tax Reform (Arlington, VA
    Tax Analysts. 2nd ed. 1984).

73
Conclusion
  • President needs 60 votes in the Senate and
    Cooperation in the House
  • The whole tax system is in play
  • And will be in play for years
  • Lobbyists will be tripping over each other
  • Change is almost always incremental
  • Boil the frog slowly

74
Sources
  • The Presidents Economic Recovery Advisory Board,
    The Report on Tax Reform Options
    Simplification, Compliance, and Corporate
    Taxation (August 2010), http//www.whitehouse.gov.
  • The National Commission on Fiscal Responsibility
    and Reform, The Moment of Truth (December 2010),
    http//www.fiscalcommission.gov.
  • The Bipartisan Policy Center Debt Reduction Task
    Force, Restoring Americas Future Reviving the
    Economy, Cutting Spending and Debt, and Creating
    a Simple, Pro-Growth Tax System (November 2010),
    http//bipartisanpolicy.org.

75
Sources
  • Senators Ron Wyden Judd Gregg, Bipartisan Tax
    Fairness and Simplification Act of 2010 (2010),
    http//wyden.senate.gov/issues/issue/?idFB5B603A-
    ED94-48A8-8FF1-C220C1052B3F.
  • Representative Paul Ryan, The Roadmap Plan
    (2010), http//www.roadmap.republicans.budget.hous
    e.gov.
  • National Taxpayer Advocate, 2010 Annual Report to
    Congress (December 31, 2010), http//www.taxpayera
    dvocate.irs.gov/Media-Resources/Annual-Report-To-C
    ongress-Full-Report.
  • Joint Committee on Taxation, Present Law and
    Historical Overview of the Federal Tax System
    (JCX-1-11), January 18, 2011, www.jct.gov.

76
Sources
  • Joint Committee on Taxation, List of Expiring
    Federal Tax Provisions, 2010-2020 (JCX-2-11),
    January 21, 2011, www.jct.gov.
  • The Tax Policy Center, Deficit Reduction
    Proposals, http//www.taxpolicycenter.org/taxtopic
    s/Deficit-Reduction-Proposals.cfm.
  • Joshua Rosenberg, The U.S. Fiscal Trajectory
    Causes and Consequences (January 21, 2011),
    http//www.abanet.org/tax/MID11/papers/Rosenberg-s
    lidesABA-Boca-Rosenberg.pdf.
  • Office of Management and Budget, 2012 Federal
    Budget, http//www.whitehouse.gov/omb/budget.

U.S. Department of the Treasury, General
Explanations of the Administrations Fiscal Year
2012 Revenue Proposals (February 2011),
http//www.treasury.gov/.
77
About the Author
  • Jonathan Barry Forman (Jon) is
  • the Alfred P. Murrah Professor of Law at the OU
    College of Law, teaching tax and pension law
  • a member of the board of trustees of the Oklahoma
    Public Employees Retirement System (OPERS)
  • a member of the State of Oklahoma Incentive
    Review Committee
  • a member of the State of Oklahoma Task Force on
    Comprehensive Tax Reform and
  • the author of Making America Work (Washington,
    DC Urban Institute Press, 2006).
  • Jon was the Professor in Residence at the
    Internal Revenue Service Office of Chief Counsel,
    Washington, DC, for the 2009-2010 academic year.
  • Jon can be reached at jforman_at_ou.edu,
    405-325-4779, www.law.ou.edu/faculty/forman.shtml.

77
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