David Gamage
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davidgamage.bsky.social
David Gamage
@davidgamage.bsky.social
5.3K followers 760 following 200 posts

Professor of Tax Law and Health Law; served in Obama's Treasury; research tax law reforms, public finance, and healthcare finance; https://law.missouri.edu/person/david-gamage/

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David Gamage is the Law School Foundation Distinguished Professor of Tax Law & Policy at the University of Missouri School of Law. Gamage specializes in tax law and policy and is also a scholar of health law and policy. .. more

Economics 51%
Business 35%
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Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 14d
This guy is standing up to a lot of powerful people on a lot of fronts. 🫡 (that's the salute emoji)
statuscoupnews.bsky.social Status Coup News @statuscoupnews.bsky.social · 14d
"Pam Bondi needs to be impeached or resign. Not just because she's failed to release the Epstein files...but to blame Renee Good? It's just shameful! The agent should be arrested and prosecuted! We have an administration where there is elite impunity," -Rep. @rokhanna.bsky.social tells us

Reposted by Linda J. Skitka, Brian D. Galle, David Gamage

statuscoupnews.bsky.social
Status Coup News @statuscoupnews.bsky.social · 14d
"Pam Bondi needs to be impeached or resign. Not just because she's failed to release the Epstein files...but to blame Renee Good? It's just shameful! The agent should be arrested and prosecuted! We have an administration where there is elite impunity," -Rep. @rokhanna.bsky.social tells us

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 14d
Some more #CABillionaireTax in the news:

A deeper dive into whether the CBTA has learned the lessons of the most successful European wealth tax systems in Spain and Switzerland (spoiler: yep). Plus commentary from some people who haven't read the bill text 🫤.

www.latimes.com/california/s...
Is California's proposed billionaire tax smart policy? History holds lessons
Critics of California's proposed billionaire tax say similar measures in Europe failed. Backers of the measure say they took lessons from those failures in drafting the California proposal.
www.latimes.com

Reposted by David Gamage

robertscotthorton.bsky.social
Scott Horton @robertscotthorton.bsky.social · 14d
Bill Bramhall, NY Daily News

Reposted by Fabián Muniesa, David Gamage

thetnholler.bsky.social
The Tennessee Holler @thetnholler.bsky.social · 14d
Just kinda seems like refusing to tell us which ICE agents murdered Alex Pretti undercuts the idea that they’re wearing masks to protect themselves — rather than to be able to kill people with impunity.

Reposted by John Horgan, David H. Kaye, Rosemary A. Joyce , and 9 more

rickhasen.bsky.social
Rick Hasen @rickhasen.bsky.social · 16d
Absolutely reprehensible that AG Bondi is offering ICE stand down in exchange for access to voting rolls. Outrageous and disgusting. It shows ICE is in Minneapolis is not for law enforcement purposes. Instead it’s a way to stir up shit in blue states and extort them.
natashakorecki.bsky.social Natasha Korecki @natashakorecki.bsky.social · 16d
In the wake of another fatal shooting in Minneapolis.
AG Pam Bondi sends Gov. Walz a letter today making several asks including:
"Allow DOJ Civil Rights division access to state voter rolls"

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · 18d
A Conversation with David Gamage, Co-Author of the California Wealth Tax Proposal
open.substack.com/pub/davidgam...
A Conversation with David Gamage, Co-Author of the California Wealth Tax Proposal
A recording from David Gamage and Bharat Ramamurti's live video
open.substack.com

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
For far more than you really wanted to know about how zillionaires dodge tax on inter-generational transfers, see
papers.ssrn.com/sol3/papers....
Taxing Dynasties
<p><span>The estate tax and the broader wealth-transfer-tax system are even more broken than is commonly understood. Over the past two decades, researchers and
papers.ssrn.com

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
As you can see, this rationale does not really apply to publicly-traded companies. There, a founder might have additional voting rights, but the vast bulk of the economic value of the company is not held by the family.

Thus, the voting-rights default rule is limited to private cos.

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
So this is why there has to be a voting-stock (default) rule in the CBTA. Many wealthy founders do not technically own their companies. What they own is a residual stump of voting rights. But in economic reality, of course, their family will get everything.

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
So voila! You have passed the entire value of your company on to your heirs without any estate tax. And your heirs also get the voting stock, so they also control the company.

In theory there's gift tax on the transfer of the non-voting shares, but that is also easy to scheme around.

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
Now, to escape estate tax, you gift the non-voting shares to a trust for the benefit of your heirs. With careful lawyering, the trust will not be subject to estate tax.

At your death, your lawyers argue your voting shares are worthless because they don't entitle the owner to any profits.

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
Here's how the estate-tax dodge works. You found a company you expect to rocket up in value, and you don't want your heirs to pay estate tax.

So you split the stock into two classes, voting and non-voting. The n/v shares get all the dividend rights (i.e., the future profits of the company).

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
Even the Current Affairs article, though, is puzzled about why the default valuation (which owners can readily replace with an appraisal) includes an adjustment for voting stock.

It addresses an obscure but important estate-tax planning device w/ which most non-zillionaires are likely unfamiliar.

Reposted by David Gamage

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 23d
A useful and amusing debunker from Current Affairs on the #CABillionaireTax:

www.currentaffairs.org/news/every-a...
Every Argument Against the California Billionaire Tax is Wrong
The ballot measure’s loudest critics in Silicon Valley are way off-base. Unfortunately, Representative Ro Khanna has some misconceptions too.
www.currentaffairs.org

Reposted by David Gamage

pdriessentax.bsky.social
Patrick Driessen @pdriessentax.bsky.social · 25d
Per CA wealth tax vote-or-value test:

Vote-or-value thresholds are common in tax code, e.g., in arguably biggest anti-deferral provision, subpart F.

CA t/ps also can fact-and-circumstance this aspect of the wealth tax (below from @bdgesq.bsky.social @davidgamage.bsky.social et al, SSRN 5996554).

Reposted by Stephen M. Walt, Axel Bruns, Jesse H. Kroll , and 11 more

mehdirhasan.bsky.social
Mehdi Hasan @mehdirhasan.bsky.social · Jan 6
A reminder - before Trump, MAGA, Musk and Fox rewrote history - that this is what the entire country agreed had happened five years ago today:

Reposted by Brendan Nyhan, Rebecca Tushnet, Scott A. Imberman , and 1 more

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · Dec 27
More seriously, as most readers here know I helped draft the CA billionaire tax initiative text and you just can't get out of it by setting up a couple of LLCs in Florida. We have thought about how to block these fake paper moves for 4 years.
nytimes.com The New York Times @nytimes.com · Dec 26
Billionaires are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents.
A Wealth Tax Floated in California Has Billionaires Thinking of Leaving
It’s uncertain whether the proposal will reach the statewide ballot in November, but some billionaires like Peter Thiel and Larry Page may be unwilling to take the risk.
nyti.ms

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Dec 20
Sending you good wishes and supportive thoughts from afar.

Reposted by Timothy Snyder, Anna O. Law, Kim L. Scheppele , and 23 more

robertscotthorton.bsky.social
Scott Horton @robertscotthorton.bsky.social · Dec 14
Armed ICE agents trapped US citizens in a restaurant and demanded their papers. Federal agents walked into East African restaurants in Cedar-Riverside, MN. They closed and blocked the doors. Then they demanded to see everyone’s papers. Every person present was a US citizen.
Federal agents use chemical irritant on crowd in Somali neighborhood of Minneapolis amid Trump crackdown
Federal agents have used chemical irritant to disperse a crowd in a heavily Somali neighborhood in Minneapolis. This happened Tuesday during a identification checks amid the Trump administration's cra...
www.mprnews.org

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 17
Anyone who would like to be added to or removed from the email list for future announcements should also e-mail Professor Gamage directly.

For a full list of invited guest speakers and their paper topics for fall semester 2025, please visit: law.missouri.edu/academics/ta...
4/4
Tax Law Program
The Mizzou Tax Law Program is designed to provide each student with the basic education in both general legal skills and specialized tax law knowledge. Our curriculum offers students the opportunity…
law.missouri.edu

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 17
This session will be open to guest participants via zoom. Anyone who would like to join as a guest participant should e-mail Professor Gamage directly at dgamage@missouri.edu for details, the zoom login, and to be sent the draft paper. 3/

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 17
The Mizzou Law Tax Policy Colloquium is convened by Professor David Gamage of Mizzou Law. Most sessions will be open to guest participants via zoom, from 2:00 to 3:15 pm Central Time. 2/

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 17
On Nov 19 (Wednesday), Kathleen Thomas (UNC), will present the draft paper, “Taxing Attention” at the Mizzou Law Tax Policy Colloquium, from 2:00 to 3:15 pm Central Time. 1/
@professormctax.bsky.social

Reposted by David Gamage

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 10
Anyone who would like to be added to or removed from the email list for future announcements should also e-mail Professor Gamage directly.

For a full list of invited guest speakers and their paper topics for fall semester 2025, please visit: law.missouri.edu/academics/ta... 4/4
Tax Law Program
The Mizzou Tax Law Program is designed to provide each student with the basic education in both general legal skills and specialized tax law knowledge. Our curriculum offers students the opportunity…
law.missouri.edu

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 10
This session will be open to guest participants via zoom. Anyone who would like to join as a guest participant should e-mail Professor Gamage directly at dgamage@missouri.edu for details, the zoom login, and to be sent the draft paper. 3/

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 10
The Mizzou Law Tax Policy Colloquium is convened by Professor David Gamage of Mizzou Law. Most sessions will be open to guest participants via zoom, from 2:00 to 3:15 pm Central Time. 2/

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 10
On Nov 12 (Wednesday), David Elkins (Netanya) + Mirit Eyal (Alabama) will present the draft paper, "Toward AI Tax Personhood”, at the Mizzou Law Tax Policy Colloquium, from 2:00 to 3:15 pm Central Time. 1/

davidgamage.bsky.social
David Gamage @davidgamage.bsky.social · Nov 2
Anyone who would like to be added to or removed from the email list for future announcements should also e-mail Professor Gamage directly.

For a full list of invited guest speakers and their paper topics for fall semester 2025, please visit: law.missouri.edu/academics/ta... 4/4
Tax Law Program
The Mizzou Tax Law Program is designed to provide each student with the basic education in both general legal skills and specialized tax law knowledge. Our curriculum offers students the opportunity…
law.missouri.edu