Jeff Hoopes

Tax accounting professor at UNC. Research director, UNC Tax Center. I have a podcast called Tax Chats.

[Nick Gillespie @nickgillespie]

Over at Substack, @JoshEakle asks: "It's 2026, and I have yet to see an anti-almond farm protest."

[Jeff Hoopes @JeffLHoopes]

Zero firms with taxable profits as defined in the irc after credits and nols owed no federal income tax. Did I get it right?
You could pick some other way to define profit unrelated to the tax system and get a positive number, but that would be cheating...

[Bruce Bartlett @BruceBartlett]

Guess how many big, profitable US corporations legally paid no federal income tax last year? Answer in first comment.

[Jeff Hoopes @JeffLHoopes]

@goodtaxtakes @kirkstark I didn't want to interject my thoughts on the article which is very neutral (and well-done!), but, I agree that where there is legal ambiguity and complexity, the well-advised and well-represented thrive!

[Jeff Hoopes @JeffLHoopes]

Recently on the Tax Research Network, we recently featured an excellent article by @kirkstark on what it might take for California billionaires to not be residents in California. Punchline? Its more complicated than detractors and proponents of the wealth tax suggest.

[Jeff Hoopes @JeffLHoopes]

@Tyler_Menzer @RichardHanania No.
But at age 5, 10, 15, etc. you won't notice them with the exact same crazy abilities, preferences, tastes, idiosyncrasies, looks, etc., as you, and love them in a different way as you realize they are an approximate average of you and your best friend.
Genetics are a thing!

[Scott Lincicome @scottlincicome]

"Massachusetts Lost $4.2 Billion in Income After Millionaire Tax Took Effect" https://t.co/l9rDsiuirP
"top earners were responsible for 70% of the $4.2 billion in net outflows in 2023, a jump from the previous year and more than double the level from 2019."

[Jeff Hoopes @JeffLHoopes]

@davidsgamage @BDGesq https://t.co/Jzx6adjcd1

[Jeff Hoopes @JeffLHoopes]

Does only CAMT tax book income? Nope. Amazingly, the @davidsgamage, @BDGesq, et. al. wealth tax in California also has GAAP-based income and asset values in the tax base. Please just leave book income out of the tax base. We have been down this path before. Thoughts:

[Jeff Hoopes @JeffLHoopes]

This was work sponsored by the Tax Policy Network, a new venture supported by @Arnold_Ventures. Check out https://t.co/2tniWnOz7K

[Jeff Hoopes @JeffLHoopes]

Andrew Belnap and I recently did a survey of tax directors about the CAMT. It is really complicated and hard to comply with, yet few people actually pay anything. The worst of both worlds!

[Jeff Hoopes @JeffLHoopes]

Read the whole thing here: https://t.co/7jpBbHSNCE

[Jeff Hoopes @JeffLHoopes]

On an ongoing basis, not cheap either.

[Jeff Hoopes @JeffLHoopes]

20% of companies with NO CAMT liability have spent over 100K to comply with it, in one-time costs:

[Jeff Hoopes @JeffLHoopes]

It takes a lot of hours to comply with in upfront costs!

[Jeff Hoopes @JeffLHoopes]

Very few firms say they will pay it every year, and because of the credit carryforward, we expect very little revenue to be generated.

[Jeff Hoopes @JeffLHoopes]

@davidsgamage @ajobst @joshrauh 1. Do you think the people who already moved, who Forbes records as being in CA, will move back to be taxed? Why not correct the number for them?
2. Do you think the valuation of assets as per Forbes will be the same as on a tax return?

[Jeff Hoopes @JeffLHoopes]

@George_A_Callas @danieldbunn @davidsgamage @joshrauh Envelope usually implies it was complicated enough to need to write *something*...

[Jeff Hoopes @JeffLHoopes]

@davidsgamage encouraged me to closely read how @joshrauh came up with his revenue score and compare it to his. I had. But, took a closer look, and I wrote a brief comparison for everyone else.

[Jeff Hoopes @JeffLHoopes]

@VincentGeloso I imagine the founding fathers sitting around thinking of why they were establishing a government..."TO EXTRACT AS MUCH FROM THE PEOPLE AS POSSIBLE !!!!"