This course is intended to give students an understanding of the fundamental concepts underlying the U.S. income tax. The course will focus on the statutory framework of U.S. tax laws, certain principal and illustrative judicial authorities, and selected Treasury Department regulations and rulings. The course will include frequent discussion of federal tax policy, current tax issues and controversies, and the history and politics of the U.S. income tax. The course will examine how the tax system influences the level of inequality in the country and how transfers included in the tax system seek to reduce poverty.

At the end of the course, students will be able to:

1. Understand and articulate tax policy arguments rooted in efficiency, fairness, and administrability

2. Read and interpret statutory language; apply statutes to fact patterns

3. Understand important concepts of income taxation

4. Understand the time value of money and the importance of deferral