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Workshop on Human Rights and Anti-Corruption: Collective Action as a strategy for closer cooperation.
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Crypto Losses
Get PDFThe crypto industry has been hit hard with various market forces and scams, leaving investors with trillion-dollar losses in recent years. The appropriate tax treatment of such losses has yet to be fully examined, as there is scant guidance and a dearth of academic literature on the subject. This Article attempts to fill this gap by applying general tax principles to crypto losses and making several recommendations to improve the clarity and consistency of tax results. It explores various theories of crypto loss “realization” (including theft, abandonment, and worthlessness), highlighting where additional guidance is needed. And it considers appropriate legislative limits on crypto loss deductions recognizing that, by offering a tax deduction subsidy, the government essentially shares in the risk created by crypto activities. The Article proposes a possible new tax framework for crypto losses—specifically, crypto losses should be deductible only against crypto gains and not against labor or other positive income. Such a rule would not be based on moral disapproval of crypto trading as opposed to other investment activity, but instead would be supported by the unified justification underlying many loss limitation rules in our tax system
Bidenomics Versus Maganomics: Pick Your Poison
Get PDFAbstract: This essay compares the international trade policies of the two candidates for U.S. President in 2024, Joseph Biden[1] and Donald Trump, and argues in favor of a “third way” alternative to promote free trade in 2025 and onward. I first analyze the trade law revolution effected by the Trump presidency from 2017-2021. During these years the Trump administration adopted a protectionist policy rooted in nationalism and populism. As a direct result of Trump administration trade policy there occurred: (1) a significant retreat from globalization; (2) paralysis of the World Trade Organization; (3) a revival of U.S. unilateralism in trade policy; and (4) the U.S.-China trade war.
When Joseph Biden became president in 2021, he did not reverse the Trump era trade policies. Rather declaring his favor of a “worker-oriented” trade policy, the Biden administration defended Trump’s tariff policies while continuing his hostility to new free trade agreements and the multilateral trading system. Biden’s distinctive addition to Trump’s trade policy is a protectionist industrial policy featuring subsidies and a “buy American” mandate. Joseph Biden is expected to continue these policies and to cement Biden’s mandate for the next four years.
Nevertheless, Trump and Biden’s successor propose very different international trade policies for 2025 and beyond. Trump intends to adopt across the board protectionist tariffs on all imports which will cause inflation. Trump also proposes punitive tariffs on imports from China that will effectively “decouple” China-U.S. trade. Biden’s trade policy, while not as extreme as Trump’s, would continue Biden’s industrial policy and “buy American” protectionism.
This essay agrees with prominent critics of both Trump and Biden who propose a “third way” set of international trade policies that avoid protectionism. This “third way” would feature new free trade agreements with Asian-Pacific, European, and Western Hemisphere nations, rehabilitation of the WTO, revival of multilateralism and U.S. leadership, and a more constructive relationship with China
Development Dialogues: Tax Justice and the Rights to Development: An Opportunity for Transformation
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