professor of law
The Alpha Dividend
The Alpha Dividend considers the origins of entrepreneurial success, how entrepreneurship generates inequality, and what this means for tax policy, philanthropy, and higher education.
My research focuses on tax policy, venture capital, private equity, and higher education policy.
I write the Standard Deduction column for the New York Times.
A collection of columns, quotes, and lectures.
What People Say
About My Research
What's the Latest?
Press Mentions, Columns, Research Papers, Appearances
“We do have two different tax systems, one for normal wage-earners and another for those who can afford sophisticated tax advice.” VICTOR FLEISCHER, a law professor at the University of San Diego who studies the intersection of tax policy and inequality. Source: Quotation of the Day – The New York Times
A lack of transparency means that even university officials don’t know whether the investment fees they pay are reasonable. Source: Private Equity Fees Paid by Universities Deserve Examination – The New York Times
My op-ed today: http://nyti.ms/1E2Hi20
My latest Dealbook column: President Obama could change the tax treatment of carried interest with a phone call to the Treasury Department. But the White House will need a precise understanding of the regulatory landscape to make a change that is fair, easy to administer, and will hold up in court. via How the President[…]
But the clearest distortion is not size, but location. For multinational corporations based in the United States, taxes create an incentive to expand overseas operations by opening foreign subsidiaries, expanding foreign operations and acquiring foreign companies. Unlike a pure tax shelter, which generates paper losses to avoid taxes, the effects of tax expatriations are real.[…]
My take on the bitcoin guidance: Bitcoin is a digital representation of value, not a real currency, according to the latest pronouncement from the Internal Revenue Service.The I.R.S. on Tuesday released guidance indicating that Bitcoins and other so-called virtual currencies that do not have the status of legal tender in any jurisdiction would be treated[…]
A tax proposal released on Thursday by the chairman of the Senate Finance Committee, Max Baucus, addresses a topic that tends to make my students’ eyes glaze over: cost recovery.Cost recovery is a technical topic but one that may shape our economic future, because it affects the calculations of every business manager making a decision[…]
Changes to the tax code always create winners and losers. An ambitious plan to revise the system for taxing multinational corporations, released on Tuesday by the Senate Finance Committee chairman, Max Baucus, would hit technology companies and large pharmaceutical companies especially hard. Companies like Pfizer, Apple, Hewlett-Packard and Microsoft have become masters at reducing their tax liability in the United States by shifting income overseas.
These companies often hoard cash in offshore subsidiaries, and in the past they have successfully lobbied for a tax holiday to repatriate cash at lower tax rates. The Baucus proposal would, among many changes, end this practice of tax deferral and impose a minimum tax of about 20 percent on overseas profits — whether those profits are repatriated to the United States or not.
Other methods of tax avoidance have received less news media attention but are no less troubling. A recent deal by LIN Media, a media company backed by the private equity firm HM Capital Partners and the investment manager Royal W. Carson III, highlights two techniques. LIN Media owns 43 local television stations around the country,[…]