Joseph J. Thorndike is one of America's preeminent tax historians. How does the past foretell the future? What's next, after the election? In his words: "in fiscal policy, if necessity is the mother of invention, past experience is its father.” Together, tax law is born. He will explain how history can teach us the likely boundaries of change, although he speculates there can always be a tax Black Swan. What might that be? The success and failure of past proposals will provide you with insight into handicapping the likelihood of proposed changes, particularly nearly 2 weeks after our November national election, although like any horserace, the results can only be precisely predicted at the finish line.
Key topics include a discussion of --
how big tax ideas become law, or failed to become law,
the politics of income tax versus consumption tax (i.e. VAT), and
why “who pays the tax” matters: the true cause of past tax revolutions, beyond the price of tea, and what past revolutions could mean for our future.
Understand how past tax legislation often influences future legislation
Discuss policy platforms and the potential paths of change following the 2020 Presidential Election