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ConnorMoran

@[email protected]

Portland, Oregon Attorney focusing on state & federal tax, nonprofit and business formation, tax controversies, and estate planning. Oregon State Bar Taxation Section Executive Committee Member. 2022 OSB Tax Section Mentor of the Year.

Previously IRS Senior Attorney, opinions are my own. He/Him.

In spite of how this profile is written, most of what I post or boost is funny or weird or about spaceships.

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ConnorMoran , to economics group
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Kicking around an idea for "fixing" US complex/abuse-prone partnership tax regime:

  • one Trade or Business tax that applies to all businesses, in whatever form incl. self-employment
  • C corporation law applies EXCEPT dividends not taxable
  • Rate equal to highest individual income tax rate

Everybody gets one layer of tax. Self-employed can get benefit of lower individual rates by paying compensation (deemed in case of sole prop) No basis moving or other shenanigans.

@economics

ConnorMoran OP ,
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@economics

Downsides, which are sort of the flip side of the "shenanigans":

  • no tax-free way to take appreciated property back out of a business once contributed. But maybe a provision allows distribution tax-free to the owner who contributed property. Let people mulligan but don't let them move stuff around.

  • no way to get losses out from, e.g. real estate businesses. But maybe let people flexibly group businesses. Can't offset your wages but can offset your other business.

ConnorMoran , to bookstodon group
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Finished Jade Legacy by Fonda Lee last night, completing her Green Bone trilogy. The series is excellent, bringing gangster epic storytelling to a 20th century-inspired world where martial arts film feats are a reality.

There's a lot to like about it, but maybe my favorite part is the seemingly effortless way the books adopt the POV of wildly different people with different perspectives, making all these characters feel real and worthy of empathy.

@bookstodon

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