― Elif Batuman,
And Andrew Denney of The New York Law Journal reports that "Chimp Advocate Doggedly Pursues Animal Rights."
"Blaming judges is 'corrosive,' says a judge who ruled against Trump": Dan Levine of Reuters has this report
"The Revolt of the Judges: What Happens When the Judiciary Doesn't Trust the President's Oath." Benjamin Wittes and Quinta Jurecic have this post at "Lawfare."
Germany's Justice Minister is proposing a law that would fine social networks up to 50 million euros if they do not promptly eliminate defamatory content, hate speech or fake news
Qantas asks start-ups to help it innovate
Article on Filings in Coinbase John Doe Summons Case
Why transaction laundering is turning into a huge financial blindspot FT
Jeremy Scott, Trump’s Leaked Return Shows Why We Need an AMT (Tax Analysts Blog). “A very wealthy taxpayer had deductions that offset most of his income, so to ensure that some tax was paid, the AMT kicked in.”
Why is this is nonsense on stilts?
The Trump AMT probably the result of AMT loss carryforwards being used up before regular tax loss carryforwards. This probably generated an AMT credit carryforward that offset subsequent regular tax.AMT, which requires taxpayers to compute taxable income at least twice, is expensive for taxpayers and foolish tax policy. If you prefer the results that AMT generates, then go with real tax reform with a broad base, a lower rate, and fewer deductions.
The point of an income tax is to measure and tax income — not just to beat up on wealthy people. If deductions allowed in the income tax distort income, get rid of the deductions. Don’t make people compute income different ways until they come up with a result you like.
If Trump really had operating losses – and that isn’t seriously disputed – he shouldn’t pay income taxes until the losses are used up. After all, the point of the income tax is to tax income, not losses.
News from the Profession. Talent Worries and Opposing Auditor Rotation (Caleb Newquist, Going Concern). “Nothing says accounting news quite like a corgi on a beach.”