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Robert Ricketts Frank M. Burke Chair in Taxation Rawls College of Business
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“Taxation with representation ain’t so hot either.”— Gerald Barzan, humorist
Courses
ACCT 5318 -- Tax Research
Grading Metrics for written assignments
Weekly Exercises: 1, 2, 3, 4, 5, 6 (due by beginning of class on Wednesday, November 11)
Written Assignments: 1, 2, 3, 4, 5, 6 (no written assignment due for November 11)
We won't have a written assignment for Wednesday, October 25. Bring the cases covered in the weekly exercise to class and be prepared to discuss them in depth.
ACCT 5327 -- Advanced Tax
Corporate Tax Rates--OECD Countries
Homework Assignments: 1, 2, 3, 4, 5 (due on November 12)
Exam 1 (due by noon Wednesday; please submit in a Word file rather than Excel)
Exam 2 (due by classtime Thursday; please submit in a Word file, with no embedded Excel tables)
Class Notes for material covered on exam 2
Project 1
Ford (and others) implement new measures to preserve tax loss carryforwards under Sec. 382
Tax Humor
Click here for Kramer's explanation of corporate write-offs ...
Two men posing as IRS agents steal from house, encourage neighbors to follow suit ...
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The Economic Meltdown
It's tough to make predictions ... just ask Alan Greenspan:
"But a destabilizing contraction in nationwide house prices does not seem the most probable outcome. Indeed, nominal house prices in the aggregate have rarely fallen and certainly not by very much."
(May 6, 2004, http://www.federalreserve.gov/boarddocs/speeches/2004/200405062 )
Interesting Articles:
The Financial Crisis: An Inside View (written by Phillip Swagel, Assistant Secretary for Economic Policy at the Treasury Department--long and somewhat dry, but honest and a very important read).
Think no one could have seen this coming? Watch this montage of Peter Schiff arguing with economic "experts" like Steve Forbes, Arthur Laffer, Ben Stein, et al. in 2006 and 2007. It's eerie how accurate his predictions were — and frightening how wrong the "experts" were. It's also noteworthy how arrogant his detractors were. Pay particular attention to Mike Norman, Biz Radio Host, and Tom Adkins (Adions?) of Remax Fairlawn (see exchange starting at 3:29 in the linked clip).
Simon Johnson in the Atlantic on the financial oligarchy in the U.S. and how it stymies reform, "The Quiet Coup"
Matt Taibi in The Rolling Stone on the conflict of interest between Wall Street insiders and the American public, "The Big Takeover" (warning: this article should be rated "R" for colorful language)
If you like the above, see Matt Taibi's takedown of Goldman Sachs in the June issue ...
James Grant on the Planned 2009 Stimulus, "Is the Medicine Worse Than the Illness?"
James Grant again on the 2008 Bailout Bill, "Bad Medicine"
Good article by Michael Lewis, The End (of Wall Street)
Similar perspective on Wall Street, The Idiots Who Rule America
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Issues in Tax Policy
Summary of historic income tax rates--1918-2008
David Walker, former Comptroller General of the United States on the "tsunami" of debt and the implications for our economic future (9 minute video from 60 Minutes)
Do Tax Cuts Increase Revenues? Here's the data ...
Warren Buffett on current tax policy and argument that increasing tax rates discourages economic activity (8 minute video).
How American attitudes toward taxes have changed! See these Disney cartoons about taxes during WWII ... Donald Duck in the Spirit of '43
The Other Donald Duck Tax Propaganda Film
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Quotes to Live By ..
"If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians." (Warren Buffett, letter to shareholders, February 27, 2009)
"How many efficient markets theorists does it take to change a lightbulb? Answer: None. If the lightbulb needed changing the market would have already done it." (John Allen Paulos, author of Innumeracy)
"Accounting Saves Lives," (Ricketts' ACCT 2300 course, Spring 2007)
"Minds are like parachutes: they only function when they're open." (Lord Thomas Robert Dewar, Scottish whisky distiller)
"The market can stay irrational longer than you can stay solvent" (John Maynard Keynes)
"You cannot make a good deal with a bad person." (Warren Buffett)
"No one can make you inferior without your consent." (Eleanor Roosevelt ?)
"When you combine ignorance with borrowed money, the results can be interesting." (Warren Buffett)
"Most people have a very hard time forgiving those whom they have deeply wronged." (Molly Ivins)
"If you pick up a starving dog and make him prosperous, he will not bite you. That is the principal difference between dogs and men." (Mark Twain)
"A Canadian is merely an unarmed American with healthcare." (Anonymous internet blogger)
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General Information for Tax Students
Link to CCH Online Tax Research
Tax Jobs -- updated link
Applying for and taking the CPA Exam by Sarah Darby (Brown, Graham & Co., PC)
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Good Reads
What Explains the Growing Gap in Wages? ("Only some people are coming out of college with the high-level abstract reasoning skills that fully complement the new information technologies and command high salaries. Workers with "midlevel" skills, by contrast, are more likely to see their tasks simply replaced by computers...")
Does Business Really Want Low Tax Rates? (short blog post on Tax Policy Center blog)
Taxes are the Basis of Civilization (Argument in favor of taxes, written by Neil Brooks, Canadian Law Professor--published in the Winnipeg Free Press, Dec 23, 2005)
If, When, How? A Primer on Fiscal Stimulus (Elmendorf, Furman -- with Congress and the administration talking about a $150 billion stimulus package, now is a good time to consider how effective such efforts have been historically)
Debtor Nation (Harvard Magazine article on the rising risks of our country's fiscal irresponsibility)
The Secrets of Intangible Wealth (Reason article on the importance of the rule of law, and education, for all nations)
The Most Praised Generation Goes to Work (WSJ article on need for praise in the workplace)
Why Income Inequality Matters (Charles Wheelan, the Naked Economist)
The Tyranny of the Market (Joel Waldfogel on the market's blind eye, from Slate magazine)
Tax Cuts Spur the Alpaca Market (WSJ article on the sometimes irrational manner in which people respond to tax incentives)
Deep in Debt, Deeper in Denial (short commentary on "Maxed Out," an upcoming documentary on predatory lenders -- sounds good)
Saving Our Nation's Future (David Walker, Comptroller General of the United States)
Ordered to Commit Fraud, A Staffer First Balked Then Caved
Rude to the Receptionist? Too Bad, You Just Blew the Interview
Summary of Major Tax Legislation 1981-2006
State Individual Income Tax Progressivity (research article comparing state income tax systems)
The Simple Return: Reducing America's Tax Burden Through Return-free Filing
Options for Reforming the Estate Tax
If You Think Taxes are a Pain Now ...
Taxing the Future: Fiscal Policy in the Bush Administration (book) -- order here
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Miscellaneous
Other Tax Links -- Links to Revenue Procedures, Revenue Rulings, Tax Forms, and more.
Statistical Abstract of the United States -- collection of statistics on social and economic conditions in the U.S.
Consumer Price Index -- price change data (current and historical).
Compare Cities -- how would relocation affect your standard of living?
Best Places to Live -- compare crime rates, education, health, climate, etc. across cities.