About USC Gould
USC Gould is a top-ranked law school with a 115-year history and reputation for academic excellence. We are located on the beautiful 228-acre USC University Park Campus, just south of downtown Los Angeles.
Learn about our rigorous and interdisciplinary curriculum, our invaluable experiential learning opportunities, and the breadth and depth of our specialized areas of concentration and certificate offerings.
- Student Life
Participate in an unparalleled learning experience with diversity of people and thought. Get involved in the law school community and participate in activities that enhance your studies.
We work closely with students, graduates and employers to support successful career goals and outcomes. Our overall placement rate is consistently strong, with 94 percent of our JD class employed within 10 months after graduation.
Our faculty is distinguished for its scholarship, as well as for its commitment to teaching. Our 12:1 student-to-faculty ratio creates an intimate and collegial learning environment.
- Alumni and Giving
Alumni and Giving
The global Trojan network of more than 10,000 law alumni and donors include recognized leaders in numerous fields who are deeply committed to supporting student and law school success.
- ABOUT USC GOULD
- A MESSAGE FROM THE DEAN
- + HISTORY OF USC GOULD
- + NEWS
- + EVENTS
- BOARD OF COUNCILORS
- ABA REQUIRED DISCLOSURES
- VISIT US
- SOCIAL MEDIA
- + CONTACT US
Kleinbard addresses U.S. Senate Committee on Finance
Wednesday, Sep 14, 2011
Prof. Kleinbard Addresses U.S. Senate Committee on Finance
By Maria Iacobo
Photos by Jay Mallin
USC Law Professor Edward Kleinbard provided testimony before a subcommittee of the United States Senate Committee on Finance yesterday outlining his proposals for tax reform.
Kleinbard joined other tax experts including Alan Greenspan, former chairman of the Federal Reserve. The topic of the hearing was Examining Whether There is a Role for Tax Reform in Comprehensive Deficit Reduction and U.S. Fiscal Policy.
Kleinbard identified the two areas in which the United States spends more than any other developed economy in the world – healthcare and defense spending – before outlining how a sea change of each will provide long-term fiscal reform. Recognizing that our current policies govern our healthcare delivery institutions, Kleinbard cautioned, “change must follow a predictable path that starts in the near future, phases in slowly, and comes to rest with new institutions that will serve the needs of Americans for decades to come.”
Similarly, Kleinbard pointed out that defense discretionary spending is a “great outlier” in government spending. Kleinbard notes that, by one estimate, the United States spends as much on its military as do the next 14 countries combined – 42 percent of the entire world’s military expenditures.
“The United States is an extraordinarily low-taxed country by world norms – the fourth lowest in the [Organization for Economic Cooperation and Development],” Kleinbard said. “Whatever the long-term world we transition to, we will need to finance the costs of getting there, and that in turn means higher tax revenues than those we currently collect.”
Kleinbard proposed what he termed his tax reform “Base Case” while maintaining the same level of revenues or slightly more:
• In general, allow the 2001-03 individual tax discounts to lapse at the end of 2012.
• Restore the estate and gift taxes to their 2009 levels, preferably as of January 1, 2012. (This actually has a roughly $260 billion cost relative to the Congressional Budget Office baseline.)
• Maintain current policy’s prescription that corporate dividends should be
taxed at the same rates as long-term capital gain. (This proposal loses
revenue relative to the CBO baseline but has strong policy justification.)
• Add a new top marginal tax rate of, say, 42 to 44 percent for incomes above
$2 million. (The idea would be to find the income level that would raise
revenues sufficient to fund the dividend tax reduction.).
To improve upon his Base Case, Kleinbard suggested eliminating many of the subsidies for personal itemized deductions, including the home mortgage interest deduction and eliminating business tax reductions, reducing the corporate tax rate and taxing multinationals on their worldwide income rather than allowing them to operate in the U.S. without a base from which they avoid paying taxes.
Kleinbard joined USC Law in 2009. Prior to that he served two years as chief of staff for the U.S. Congress’ Joint Committee on Taxation, a non-partisan office that assists Congress on every aspect of the tax legislative process.
Time to Celebrate the Class of 2020
September 5, 2017
USC Gould welcomes the most diverse class in its history
Gould Grad Rights a Wrong
August 30, 2017
Sidney Kanazawa ’78 Scores a High Court Win for Fellow Alumnus
Career Services Dean Takes Community Approach
August 25, 2017
Elizabeth Armour calls on alumni, faculty and staff to help grads succeed