{"id":38719,"date":"2017-05-01T14:25:34","date_gmt":"2017-05-01T21:25:34","guid":{"rendered":"http:\/\/world.edu\/?p=38719"},"modified":"2017-05-01T14:25:34","modified_gmt":"2017-05-01T21:25:34","slug":"trumps-tax-proposal-weaken-faith-systems-fairness","status":"publish","type":"post","link":"https:\/\/world.edu\/trumps-tax-proposal-weaken-faith-systems-fairness\/","title":{"rendered":"How Trump\u2019s tax proposal could weaken faith in the system\u2019s fairness"},"content":{"rendered":"

\"\"<\/a><\/p>\n

The Trump administration wants to change<\/a> the way the government taxes so-called pass-through entities.<\/p>\n

In a nutshell, the Trump proposal would dramatically lower the rates this category of filers pay. This would lead to very creative tax planning at best and outright evasion at worst, while prompting more companies<\/a> to adopt this type of business structure to gain the huge benefits.<\/p>\n

More fundamentally, we argue, this would cause faith in the fairness of the tax system \u2013 a cornerstone of our voluntary method of taxation<\/a> \u2013 to falter. The consequences of that could be dire.<\/p>\n

\"<\/a>

Treasury Secretary Steve Mnuchin smiles as he lays out the president\u2019s tax plan. Pablo Martinez Monsivais\/AP Photo<\/p><\/div>\n

Just passing through?<\/strong><\/p>\n

The universe of pass-throughs is very large, including anything from freelancers and corner grocery stores to medical partnerships and hedge funds that file under legal categories like sole proprietorships, partnerships and S corporations.<\/p>\n

The name pass-through refers to how income \u201cpasses through\u201d to owners. Pass-throughs avoid the double taxation<\/a> that hits regular C corporations. More of U.S. business income is actually generated by pass-through entities<\/a> than conventional corporations like Apple and General Electric.<\/p>\n

Currently, owners of pass-throughs report both compensation and business income on their personal tax returns and pay the same tax rates on both.<\/p>\n

To illustrate how this works, imagine a doctor\u2019s sole proprietorship generates US$1 million of taxable earnings. Let\u2019s say half of that would be considered reasonable compensation for the owner\u2019s work, while the other half would be deemed ordinary business income. On her tax return, the doctor would report an income of $1 million, all of which would be taxed at personal income tax rates, for a federal levy of $396,000<\/a> (assuming a flat rate of 39.6 percent).<\/p>\n

Under Trump\u2019s proposal<\/a>, the tax rates on compensation and business income would no longer be the same. A new top rate of 35 percent would apply to compensation, and a proposed rate of 15 percent would apply to business income. Going back to our example, the doctor\u2019s federal tax bill would be reduced to about $250,000, assuming she followed the rules. Not bad.<\/p>\n

But she now has a very strong incentive to characterize her compensation as business income. If she reported her compensation as $0 and business income as $1 million, her tax bill would be reduced still further, to $150,000. Put differently, for every dollar of compensation she reports as business income instead of compensation, she saves 20 cents in tax.<\/p>\n

Clearly, the potential tax savings are huge. Many owners of pass-throughs are going to be tempted to report reasonable compensation as business income.<\/p>\n

And who wouldn\u2019t be? The reward for cheating is just too large. And the likelihood of getting away with cheating is as high as it\u2019s ever been because of the reductions in enforcement in recent years along with how unlikely it is<\/a> that Trump will reverse that trend.<\/p>\n

Defining reasonable compensation<\/strong><\/p>\n

The history of taxation bears this out: If taxpayers are given flexibility in how to report their income, many will do what they can to lower their tax as much as possible.<\/p>\n

For example, S corporation owners<\/a> have long tried to reduce their Social Security and Medicare taxes by calling their compensation business income. Unlike partnership earnings, the earnings of S corporations that are not paid to shareholders as \u201ccompensation\u201d are not subject to Social Security and Medicare taxes.<\/p>\n

This clearly creates a strong incentive to characterize as much \u201ccompensation\u201d as possible as regular business income. The challenge for the Internal Revenue Service has been defining what constitutes \u201creasonable compensation\u201d for S corporation shareholders.<\/p>\n

The issue has been well-litigated over the years, resulting in a 2012 circuit court ruling that was deemed a win<\/a> for tax evaders. The court\u2019s guidance<\/a> boiled down to saying each case is unique and offered no ready recipe for the income allocation problem.
\n

\"<\/a>

Trump\u2019s tax plan would repeat a costly experiment pushed by Kansas Gov. Sam Brownback in his state. John Hanna\/AP Photo<\/p><\/div><\/p>\n

What happened in Kansas<\/strong><\/p>\n

The state of Kansas offers a ready example of what happens when you change how pass-throughs are taxed.<\/p>\n

In 2012, Kansas eliminated<\/a> its income tax on pass-through companies, whose owners previously had to report any earnings on their personal state returns. The response to this change, which took effect in 2013, was quick and large.<\/p>\n

The center-right Tax Foundation estimated<\/a> that it caused the number of pass-through companies in the state to double and resulted in $589 million in lost revenue in 2015 alone, based on an analysis of Kansas tax expenditure reports<\/a>. A recent paper<\/a> examining the impact of the change concluded it resulted in \u201coverwhelmingly\u201d more tax avoidance.<\/p>\n

The reasonable inference from the S corporation history and Kansas\u2019 experiment is what everyone is taught in their first economics class: People are rational and self-interested. They recognize and exploit opportunities to enrich themselves.<\/p>\n

And the Trump administration\u2019s proposed changes to pass-through rules would create a huge opportunity and greater incentives to recharacterize income. The Tax Foundation estimates<\/a> the potential shortfall in federal tax revenue at $1.3 trillion to $1.5 trillion over the next 10 years.<\/p>\n

A blow against fairness<\/strong><\/p>\n

Just as worrisome as the significant loss in revenue, however, is that Trump\u2019s proposed change and the potential evasion could undermine the perceived fairness of the tax system.<\/p>\n

The effectiveness of the U.S. system depends on voluntary compliance, and voluntary compliance, in part, depends on the belief by taxpayers that they\u2019re not being treated like chumps. That belief is already being strained.<\/p>\n

An April CBS News poll<\/a> found that 56 percent of Americans think the income tax system is \u201csomewhat\u201d or \u201cquite\u201d unfair. And a 2011 Pew survey noted that 57 percent of respondents said their biggest complaint about the system is that the wealthy don\u2019t pay their fair share.<\/p>\n

Trump\u2019s tax proposal would likely worsen the problem as more people try to game the system. Research suggests<\/a> that this would create a growing perception of structural unfairness and lead more taxpayers to collectively challenge the system. If that happens, our tax system\u2019s effectiveness would decline, and the consequences of that could be devastating.<\/p>\n

Back in 2016, Trump said<\/a> \u201chedge fund guys are getting away with murder\u201d because of their use of the \u201ccarried interest loophole,\u201d which allows them to significantly lower the taxes they pay.<\/p>\n

Trump\u2019s pass-through proposal amounts to encouraging more companies to do exactly the same thing. In our view, this is the manifestation of unfairness.<\/p>\n

Author Bios:<\/strong> Gil B. Manzon Jr. is an Associate Professor of Accounting and Tim Gray is an Adjunct professor, Carroll School of Management at Boston College<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Trump administration wants to change the way the government taxes so-called pass-through entities. In a nutshell, the Trump proposal would dramatically lower the rates this category of filers pay. This would lead to very creative tax planning at best and outright evasion at worst, while prompting more companies to adopt this type of business […]\n… learn more→<\/a><\/p>","protected":false},"author":33,"featured_media":38720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[92146],"coauthors":[11733],"class_list":["post-38719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-higher-education","tag-taxation"],"acf":[],"yoast_head":"\nHow Trump\u2019s tax proposal could weaken faith in the system\u2019s fairness :world.edu<\/title>\n<meta name=\"description\" content=\"Trump\u2019s tax plan may make it harder to win the \u2018Fair Tax Game.\u2019\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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