View Research by Author - Steven Rosenthal

Publications

Steven Rosenthal's testimony before the House Subcommittee on Select Revenue Measures of the Committee on Ways and Means on the Discussion Draft’s proposals to reform the tax rules for derivatives and securities investments.

Private equity funds manage vast amounts of money: $2.5 trillion in 2010, much more than the $100 billion in 1994. They earn immense profits, largely from selling the stock of acquired and improved companies. This article focuses on the character of the funds' profits. It recommends that the IRS write new regulations to treat the funds' profits as ordinary income in light of the law, Congress's original intent, and tax policy.

Stockbrokers began reporting sales proceeds and cost basis to the IRS and taxpayers this year. This article describes how those information reports came about and discusses the issues they raise. It also argues that compliance gains and simplification benefits justify the reporting burdens that come with advances in information technology, but asserts that Congress and the IRS should take steps to alleviate the burden.

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