136 research outputs found

    Taxation with Representation Ain\u27t So Hot Either: An Empirical Analysis of Taxpayer Satisfaction

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    This paper analyzes whether the decreasing progressivity of the US Federal Tax system appear to affect taxpayer satisfaction. I use data from the publicly available General Social Survey and combine them with average tax rates from Piketty and Saez (2007). In this study, two distinct questions are addressed: (1) Is a taxpayer’s belief that his or her own federal income tax is too high affected by their actual average tax rates? (2) Is a taxpayer’s belief that his or her own federal income tax is too high affected by the progressivity of the federal income tax? The results show that taxpayer dissatisfaction is consistently positively correlated to average taxes and progressivity. Upon dividing up our respondents to income quintiles, my results reveal two interesting findings: (1) the magnitude of dissatisfaction for a given increase in average taxes follows a U shaped pattern across the income quintiles, where taxpayers in the third quintile were most responsive to fluctuations in tax rates, (2) the magnitude and strength of the correlation between the various progressivity variables and taxpayer dissatisfaction was consistent for all income quintiles, implying that taxpayers are not recognizing changes in progressivity. These findings disclaim the homo economicus assumption. Further, after dividing our respondents based on their educational attainment, I find that taxpayers with higher levels of education are more responsive to changes in tax rates

    Awarding Attorneys\u27 Fees to Prevailing \u3cem\u3ePro Se\u3c/em\u3e Litigants

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    This Note examines- the propriety of awarding attorneys\u27 fees to prevailing pro se litigants in the federal courts. It focuses on the four major statutes under which almost all pro se cases have been filed: the Freedom of Information Act of 1974 (FOIA), the Privacy Act of 1974 (Privacy Act), the Civil Rights Attorney\u27s Fees Awards Act of 1976 (CRAFAA), and the Truth in Lending Act (TILA). In so doing, it will attempt to devise common principles that can be applied to most requests for pro se attorneys\u27 fees. Part I looks first to the statutes\u27 language and legislative histories to determine whether Congress authorized awards of attorneys\u27 fees to prevailing pro se litigants. Part II discusses the policy arguments for and against awarding attorneys\u27 fees in this context. The Note concludes that awarding fees to pro se litigants is not only statutorily authorized, but also desirable as a matter of policy

    Power politics and the expansion of U.S. exports, 1879-1938

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    In this paper we present for the first-time quantitative evidence of the effect of U.S. power policy on the expansion of its export market from the late-19th century to the eve of World War II. U.S. imperial policies were expressed through annexation, dominion, and gunboat policies, as did other empires, and exports to these markets grew more than three times faster than the rest of the territories. Our most relevant contribution to the discussion that power plays a critical role in international trade is based on a new geographically extensive database with information on bilateral trade flows, market size, trade costs and variables that capture U.S. political and military power. We first estimate a gravity equation to see the relationship between our political variables and U.S exports and then we present causal evidence of the role of the colonies and protectorates in the expansion of U.S exports through an event study and the estimation of a generalized difference-in-differences model

    Recession to Depression: A Critical Disambiguation of the 2007/2008 Financial Crisis and a Model for New Age Securities Regulation

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    During the late 2000s the United States economy was faced with the most traumatic event in United States financial history since the Great Depression. Large multibillion dollar corporations collapsed, families lost their life savings, and the United States economy stood on a precipice for total destruction. In the wake of the Financial Crisis, investment firms such as Merrill Lynch collapsed and their portfolios were sold to competitors for far lower than their estimated value (Sorkin). In 2008, the Financial Crisis impacted the working man the most. With foreclosures on the rise, an estimated 81.2% increase from the year before, average citizens lost their homes, savings and certainty in the United States Government to protect their best interests (Armour). One of the hardest hit states, Nevada, saw a total foreclosure rate of about 7.3% which was an increase from the previous year of a staggering 125.7% (Armour). All these foreclosures rippled throughout the U.S housing market and made it nigh impossible for the banks securing the loans to collect upon the principle amount loaned, yet alone the interest. The shock from the United States financial sector echoed throughout the world. Correlating with the Financial Crisis, United States and global suicide rates were on the rise. According to a 2009 Article published by the British Medical Journal, United States suicide rates in men age 45-64 increased by over 6.4% of the expected trend ( Male Suicide Rate Rose during 2008 Global Economic Crisis, Says Time-Trend Study ). The Financial Crisis made it so that average individuals felt increased economic strain and an ever looming sense of disparagement. This is an examination and evaluation of the perhaps one of the greatest schemes in the history of global financial markets; this is a critical analysis of how greed, power and a lack of moral decency reshaped the world. This is an examination of how, in an age of deregulation, the powerful seemingly take precedence over the masses. This is the Story of the 2007/2008 Recession, of what has been done, of what we need to do, and of moving forward to assign blame and punishment to those responsible for the pain and suffering incurred by so many

    Changing the Rules of the Game: Offshore Financial Centers, Regulatory Competition & Financial Crises

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    Politicians from New York District Attorney Robert Morgenthau to British Prime Minister Gordon Brown are blaming offshore financial centers (OFCs) for contributing to the current global financial crisis by failing to adequately regulate their financial industries. These criticisms are mistaken for three reasons. First, OFCs offer different rather than less regulation. Since most OFC financial products are aimed at sophisticated and institutional investors, OFC regulators are less concerned with protections for retail investors than are regulators in jurisdictions like the United States. This enables them to adopt less costly regulations that are still effective at preventing fraud and other financial crimes. Second, OFCs play a particularly important role in providing regulatory competition. OFCs have innovated in areas of law from captive insurance to trusts, pushing onshore jurisdictions like the United States to respond. For example, Vermont has innovated in captive insurance in response to competition from Bermuda and the Cayman Islands. Third, OFCs provide an important means for onshore jurisdictions to price discriminate in their taxation. Without OFCs, companies based in high tax jurisdictions like Canada, France, and the United States would find it more difficult to compete internationally with companies from lower tax jurisdictions. Preserving OFC-competition thus benefits onshore jurisdictions

    Regulation of Derivative Financial Instruments (Swaps, Options, and Futures)

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    As a result of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act of 2010, derivatives regulation has become a hot topic on Wall Street and is, therefore, of much interest to law firms with financial institutions as clients. An increasing number of classes on this subject are being taught at law schools around the country, but, to date, there has been no casebook on the subject.This casebook explores the regulation of swaps, futures and options by the Commodity Futures Trading Commission and the Securities and Exchange Commission. It examines the regulatory history of derivative instruments and traces the development of modern market structures while addressing the role of the exchanges, the clearinghouses, and market participants, such as futures commission merchants, swap dealers, and hedge funds that act as commodity pool operators.Structured in a traditional format, this casebook uses cases to teach students important points of law and industry practices needed to understand the role played by derivative instruments in modern finance. The cases are accompanied by commentary from the authors expanding on the points raised in the cases.https://digitalcommons.nyls.edu/fac_books/1043/thumbnail.jp

    Regulation of Derivative Financial Instruments (Swaps, Options, and Futures)

    Get PDF
    As a result of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act of 2010, derivatives regulation has become a hot topic on Wall Street and is, therefore, of much interest to law firms with financial institutions as clients. An increasing number of classes on this subject are being taught at law schools around the country, but, to date, there has been no casebook on the subject.This casebook explores the regulation of swaps, futures and options by the Commodity Futures Trading Commission and the Securities and Exchange Commission. It examines the regulatory history of derivative instruments and traces the development of modern market structures while addressing the role of the exchanges, the clearinghouses, and market participants, such as futures commission merchants, swap dealers, and hedge funds that act as commodity pool operators.Structured in a traditional format, this casebook uses cases to teach students important points of law and industry practices needed to understand the role played by derivative instruments in modern finance. The cases are accompanied by commentary from the authors expanding on the points raised in the cases.https://digitalcommons.nyls.edu/fac_books/1043/thumbnail.jp

    The Case for Mandatory Separate Filing by Married Persons

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