A Quick Thought on the Accountable Capitalism Act and Federal Taxes

Last week, Senator Warren unveiled the Accountable Capitalism Act, setting off a firestorm of controversy. By and large, the responses have been all over the map, ranging from an argument that it will help companies do better for all constituencies, including shareholders, to the hyperbolic assertion that it would “help to destroy capitalism.”

I haven’t read the bill super-carefully (in fact, I mostly skimmed it late last night), but a Twitter discussion got me thinking about its potential tax consequences.

Or is the main lever on taxes? That in order to get more favorable corporate tax treatment (as compared to partnership or individual income taxes) you have to comply. If so,what a mess.

— Eric Shytle (@EricShytle) August 18, 2018

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#TaxProf gathering at #SEALS2018

Thank you to Jennifer Bird-Pollan for organizing the tax professor gathering at SEALS!

Update on Altera

By: Leandra Lederman

I’m currently at the #SEALS2018 conference in Ft. Lauderdale, but I wanted to quickly note that the opinion of the 9th Circuit panel in Altera Corp. v. Commissioner was withdrawn today. This follows the replacement of Judge Reinhardt, who passed away on March 29, with Judge Graber. Recall that the July 24 opinion in this important case reflected a 2-1 decision, with the late judge in the majority, as Christopher Walker and others had noted. (For my previous coverage of Altera, see here and here.)

A screenshot of the court’s order appears below. It will be interesting to see what happens after the new panel confers!