Richard Rubin
@RichardRubinDC
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I cover U.S. tax policy for the @WSJ. There is ALWAYS a tax angle. Retweets are not endorsements or tax advice. (On Signal richardrubindc.08)
Washington, DC
Joined December 2010
Because this is my lot in life, I will note, again, that the US is a low-tax country.
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It's the latest in a string of tax cases going against cannabis businesses. The path around Sec. 280E goes through an administrative rescheduling of marijuana or through Congress. Tax Court has not seemed inclined to offer much, if any, daylight. /end
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Judge Jenkins, on the short end of a 17-1 vote here, says Congress could have amended 280E or added drug businesses to the no-go list under 199A and didn't do so.
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Court majority says no. To count as W-2 wages, and to enable a larger 199A deduction, they have to be "properly allocable" to income and these aren't.
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Today in Tax Court: The judges ponder a question that I hadn't thought about: Do wages denied a deduction under Sec. 280E (cannabis business) count as W-2 wages for Sec. 199A (pass-through deduction)?
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Part of IRS SOI's excise tax data drop is a new year of data on the college endowment tax. In 2024, 45 returns paid the tax (down from 56 in 2023) but endowment tax amounts were cut in half - from $381M to $169M. OBBB increases top rate from 1.4% to 8%: https://t.co/Gez8C83gsz
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By the early 2050s, US population growth effectively reaches zero.
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MCP is here! You can now give Devin access to your favorite servers via the MCP Marketplace. Think Datadog, Linear, Sentry, Figma, and thousands more. Demos from our team + getting started 👇
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New from me: Eight months ago, CBO said annual US deaths would start exceeding births in 2033. Now, that threshold will get crossed in 2031. Link below.
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New from @dgtokar and me this morning: A look at the "tribal tax credits" that came up during the Long confirmation hearings. Link below:
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Squish The Bug drill >> squishing real bugs 🦟😤 @OFFOutdoors and Todd Frazier are teaching players the fundamentals of batting and mosquito protection heading into tournament season. Check out full video here: https://t.co/nuyhDrhO2p
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In some cases, two people doing the same tipped job may fall on opposite sides of the eligibility line - depending on who they work for.
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New from me today: Treasury’s list of tipped occupations is expansive. But to get the no-tax-on-tips deduction, your business/industry also has to be excluded from a separate list. Regs forthcoming. Link below
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Worried about trust in elections? Join @VotebeatUS @JessicaHuseman for a conversation with @cstewartiii @SethBluestein and former @NCSBE director Karen Brinson Bell on 9/19. Free registration here:
eventbrite.com
Join us for a conversation on public trust in elections with an elections expert and two experienced election officials.
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If you had asked me a week ago to describe what OBBBA did to this deduction, I would have gotten it wrong. (For the legislative nerds, it's another example of how Congress dodged Byrd problems -- they created a new itemized deduction inside a provision that ended others.)
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Fascinating story from @ashleaebeling on the new law's expansions to the teacher out-of-pocket expense deduction. https://t.co/wdqUuRXZkb
wsj.com
Educators who itemize deductions can get an unlimited tax break for stocking their classrooms starting next year.
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Definitely read this as "OBBBA Movie" and it kinda was one battle after another but not maybe not particularly cinematic?
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No new nominee yet for IRS commissioner -- but a hearing next week for the tax agency's chief lawyer. (Korb had the same job during the GWBush administration.)
HEARING: Chairman @MikeCrapo announced the Committee will convene to consider the nominations of Jonathan Greenstein to be a Deputy Under Secretary of @USTreasury, and Donald Korb to be Chief Counsel for @IRSnews. Details: Date: Wednesday, September 10 Time: 10:00 AM ET
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