Tag Archive for finance

Burman ’75 Shares His Expert Knowledge of the U.S. Tax System

Leonard Burman ’75

Respected tax scholar Leonard Burman ’75 is the co-writer (with Joel Slemrod) of Taxes in America: What Everyone Needs to Know (Oxford University Press), a clear, concise explanation of how the U.S. tax system works, how it affects people and businesses, and how it might be improved. This highly accessible book, organized in a question-and-answer format, describes the intricacies of the modern tax system in an easy-to-grasp manner.

Book by Leonard Burman ’75

The book starts with the basic definitions of taxes and then examines more complicated and controversial issues. They address such questions as: How much more tax could the IRS collect with better enforcement? Why do corporations pay so little tax, even though they earn trillions of dollars every year? And what kind of tax system is most conducive to economic growth?

In his Forbes magazine review, Howard Gleckman says that the book “is no polemic for tax reform, but it is a powerful brief for such an effort. [The authors] are satisfied to describe how the law works, what taxes do to those who pay them and the economy at large, and how today’s revenue system was created. That design will make it a well-thumbed resource in the upcoming tax reform debate.”

Burman is Daniel Patrick Moynihan Professor of Public Affairs at Maxwell School of Syracuse University.

Clew ’93 Leaves Wall Street to Establish Wine Fund

Timothy Clew '93 - Photo by Paul Goguen/Bloomberg

An article by Krista Giovacco at Bloomberg.com recently featured Timothy Clew ’93 and Brian Mota as founders of The Wine Trust, the only private-equity-structured wine-investment fund in the United States with a targeted amount of more than $20 million. Their firm TWT Investment Partners LP, located in Ridgefield, Connecticut, is in the process of raising some $50 million for the trust, which is “more like a private-equity fund. The money invested is basically locked up for as long as eight years, which helps managers ride out a decline.”

Clew and Mota are former investment bankers.

Clew told Bloomberg: “This was an opportunity to take Wall Street-type disciplines and apply them to an asset class that was largely devoid of that type of thinking. ”

According to Bloomberg: “The fund buys both physical wine and futures — wine that is made and in casks but not yet bottled — directly from negociants to lock-in lower prices and secure significant quantities for investment of the most sought-after producers. It seeks wines with strong appreciation prospects after release, including … Bordeaux.”

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