The Tax Law Center at NYU Law

@taxlawcenter.org

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Protecting and strengthening the tax system through rigorous legal work in the public interest. Based at NYU Law. https://taxlawcenter.org/

Statement from Tax Law Center Policy Director Brandon DeBot: "The court confirmed this sweetheart deal is an abuse of the tax and legal system and 'directly contravenes' the tax system’s protections against political interference. This decision confirms that the IRS should not follow through to implement the Acting AG’s unprecedented and unauthorized exemption from the normal tax audit rules for the President and his affiliates. The court’s decision is important, but does not remove the need for Congressional action to nullify the entire deal and to prevent any similar attempts at presidential self-dealing in the future."

Bar graph titled "The next administration will likely inherit a depleted IRS, with significantly lower funding for all functions than in 2025." The graph shows the projected changes in IRS funding after adjusting for inflation, from 2025 to 2029. The total decrease is 47%. Taxpayer services shows a 38% decrease, enforcement shows a 37% decrease, and technology and operations support shows a 62% decrease.

Flyer for an event titled "OBBBA & The Missed Opportunity for Tax Reform," taking place on Tuesday, October 28th from 10:30 - 11:30 am ET. The flyer lists the panelists: Wendy Edelberg (The Brookings Institution), Jason Furman (Harvard University), Chye-Ching Huang (The Tax Law Center), Jessica Riedl (The Manhattan Institute), Kyle Pomerleau (American Enterprise Institute), and Adam Tarleton (Brooks Pierce). The flyer includes logos for Tax Law Center at NYU Law and NYU Law. It has a green and blue background.

Flyer for an event titled "OBBBA & The Missed Opportunity for Tax Reform," taking place on Tuesday, October 28th from 10:30 - 11:30 am ET. The flyer lists the panelists: Wendy Edelberg (The Brookings Institution), Jason Furman (Harvard University), Chye-Ching Huang (The Tax Law Center), Jessica Riedl (The Manhattan Institute), Kyle Pomerleau (American Enterprise Institute), and Adam Tarleton (Brooks Pierce). The flyer includes logos for Tax Law Center at NYU Law and NYU Law. It has a green and blue background.

A chart which compares the tax benefits of the USA CAR Act for a married couple at different income levels. The first example is a married couple making $90,000 annually who don't itemize deductions (in the 12% bracket). In this example, the couple purchases a vehicle for $50,000. Their approximate year 1 interest on a 5-year loan at 6.5%, assuming 5% down, would be $3,000. Their year 1 itemized deduction would be $0 and their year 1 tax benefit at the marginal rate would be $0. The second example is a married couple making $5 million annually who itemize (in the 37% bracket). In this example, the vehicle purchase price is $3 million and the approximate year 1 interest on a 5-year loan at 6.5%, assuming 5% down, is $170,000. Their year 1 itemized tax deduction would be $170,000 and their year 1 tax benefit at marginal rate would be $62,900.