New York, May 27, 2016—A wide-ranging collection of essays on international taxation written over two decades by leading tax policy expert Michael J. Graetz, the Columbia Alumni Professor of Tax Law at Columbia Law School, has been turned into a book made up of nine essays.
In Follow the Money: Essays on International Taxation, published by Yale Law Library, Graetz’ writings provide a detailed account of the fundamental principles underlying critical analysis of international taxation. His collection explains how current international tax policy came to be almost a century ago, explores the most prevalent tax avoidance techniques, and makes the case that policies are based on fundamentally inadequate principles and in urgent need of reform.
Graetz, widely considered one of the world’s most influential scholars of national and international tax law and policy, draws on economics, history, legal theory, and politics to explain the most pressing problems and misconceptions in international taxation, and then suggests clearly articulated and practical solutions.
In the book’s forward, Mihir Desai, the Mizuho Financial Group Professor of Finance at Harvard Business School, likens Graetz’ writing in Follow the Money to “the feat achieved by Mark Twain in his Innocents Abroad, or a New Pilgrim's Progress. Of greatest value, perhaps, is Michael’s foresight in highlighting the most treacherous parts of the terrain we face. Rather than provide strict answers, Michael charts the tradeoffs and practices that are evolving on the most important issues. Graetz’s peripatetic journeys across disciplines and topics provides the best possible antidote to the parochialism we are susceptible to and will surely provide the foundation for whatever comes next.”
Highlights of other book reviews include:
This book collects Michael Graetz's most profound and influential works in international tax. Graetz's work is the opposite of doctrinaire; he draws on history, politics, economics and legal and political theory first to identify the major problems and misconceptions in the area, and then to provide the tools to make sense of international tax. Anyone who hopes to learn about--much less teach or understand--international tax must read the works of Michael Graetz, and this new volume makes that essential reading accessible.
- Ruth Mason, Hunton & Williams Professor of Law, University of Virginia School of Law
In this superb collection of nine essays — written over almost two decades — Michael Graetz offers his readers a vivid account of the fundamental principles underlying thoughtful analysis of international taxation. This collection is must-reading: for tax policymakers driving the U.S. Government’s response to shifts in the global economy, for academics seeking to evaluate potential responses or designing courses in international taxation, for tax executives, lawyers and accountants trying to guide corporations through the resulting thicket, and for concerned citizens wanting to learn more about this critical topic. Rather than reading every book on international taxation, anyone interested in navigating this important topic should read this collection instead. The reader will indeed be able to “follow the money.”
- Rick D’Avino, Former Vice President and Senior Tax Counsel, General Electric Company and GE Capital
This collection of influential articles by one of the most respected tax lawyers in the nation addresses today's most important and difficult international tax policy issues. Michael Graetz masterfully critiques guiding principles, resulting in insights that have changed how we approach international tax policy and have guided the conversation on reform. These essays are valuable to anyone interested in tax policy in the 21st century and demonstrate clearly why we should “follow the money” and follow Michael Graetz.
-Rosanne Altshuler, Chair, Department of Economics Rutgers, The State University of New Jersey
A prolific writer and editor, Graetz has written numerous books on wide range of public policy issues, as well as more than 80 articles on tax, international taxation, health policy, and social insurance issues.
Graetz joined the Columbia Law faculty in 2009 from Yale Law School, where he served as the Justus S. Hotchkiss Professor of Law since 1986. In addition to his teaching career, he has held several positions in the federal government. Graetz was assistant to the secretary and special counsel for the U.S. Department of the Treasury from January to June in 1992, and he was deputy assistant secretary for tax policy at the U.S. Department of the Treasury from January of 1990 to December of 1991.
Follow the Moneyis available for free download, online, and throughYale’s Lillian Goldman Law Library.
Yale School of Management Essay Topic Analysis 2016-2017
Following up on the release of the Yale SOM essay topic for 2016-2017, we wanted to offer our advice on how to approach this year’s challenging topic. As was the case last year, Yale MBA hopefuls are required to respond to one 500-word essay, but the Yale adcom has chosen to modify the prompt rather substantially. In his blog post announcing the topic, Admissions Director Bruce DelMonico commented that the Yale MBA adcom developed this “seemingly simple and straightforward question” essay prompt in collaboration with a professor of organizational behavior at SOM.
DelMonico shared more thoughts about the essay in our Real Humans of MBA Admissions piece: “Every year we think about whether and how to adjust the questions or even if we should just get rid of essay questions altogether because they cause so much stress,” he says. For this year, the decision was to go with one, “Describe the biggest commitment you have ever made.”
The essay question was crafted with input from Amy Wrzesniewski, a professor of organizational behavior at SOM who teaches the core leadership courses within the school’s integrated curriculum. “We were trying to get at a question that we feel will tease out some competencies more effectively than previous questions have,” he says. “I’m excited that it will prove to be a good question.” DelMonico adds that his team often taps the expertise of the school’s organizational behavioral faculty, not just regarding what questions to ask, but also how to evaluate the responses.
Without further ado, let’s take a closer look at the 2016-2017 Yale SOM essay prompt:
Describe the biggest commitment you have ever made. (500 words maximum)
With such a broad, open-ended mandate, it’s important to impose a structure on the response. Consider the main categories of what one can be committed to:
- An idea
- An organization
- A person
The benefit of being committed to an idea is that it likely allows for the broadest approach to responding to the prompt, as an idea could be supported in one’s professional and personal lives. For instance, perhaps you have been most committed to raising awareness of social injustice and have sought to introduce this in your office and community. Or perhaps you are committed to lessening the environmental impact that humans have on our planet and you have pursued that commitment via volunteer work, initiatives at work, and changes in your personal life. In short, it’s easy to see how commitment to an idea offers a broad array of possibilities to showcase various aspects of your candidacy.
One important note regarding commitment to an idea is that some individuals may gravitate towards religion or politics. While these are clearly fair game in light of the question Yale SOM has posed, it’s important to remember that these can be sensitive topics (and that we typically advise candidates to tread carefully when broaching them). In short, if religion or politics has been your priority, the key will be to focus on your actions and positive results as opposed to ideology.
Before we look closely at a response around an organization, we want to remind our readers that organizations can be of a professional or community nature. In addition, because the question originates from a professor of organizational behavior, it likely makes sense to reflect on one’s efforts within a group or in conjunction with groups. This would also afford the opportunity to showcase one’s leadership and teamwork skills—both desirable skills at MBA programs. Candidates do not need to feel confined to the professional realm; Yale SOM, after all, does seek to “educate leaders for business and society.” Perhaps you organized a community fundraiser or launched a community event—the key is to show how you engaged a group and led them to a positive result.
With regards to a person, it’s understandable that one’s go-to response would be a spouse or child; however, we would like to remind readers that taking this course may present some challenges. First off, there are likely to be many other applicants following the same path with their essays, and that could make it harder for you to stand out in a crowded applicant pool. Second, it may be a bit harder to speak to elements of your commitment to a significant other or child in a way that relates to your potential skills as a future business leader and ability to contribute to life at Yale SOM. Of course, if you truly feel that the biggest commitment you have ever made has indeed been to a loved one, and that you can write about this in a compelling fashion, then by all means give it a shot. With all that said, we would like to remind you that “a person” doesn’t have to be a loved one. For instance, perhaps you have maintained a strong mentoring relationship either at work or in your community; detailing the interpersonal challenges of your relationship and ultimate success in achieving goals together could fit well here. Once again, honesty is the best policy here, as the most compelling descriptions of commitment will stem from something or someone you are passionate about.
Things to Avoid
While we’ve covered what potential topics could be discussed, there are likely a couple of choices to avoid. Namely, though it may be tempting, this essay should be limited to one commitment. You may have multiple examples in support of an idea, but the theme should be singular. Additionally, ‘applying to business school’ or ‘pursuing an MBA’ as an answer should probably be avoided. It is certainly a grueling process to apply to business school–and a big decision to commit to an MBA–but the adcom wants to get to know who you are, not just your passion for an MBA. Also, remember that everyone applying to Yale SOM is theoretically making a commitment to an MBA, which would make it harder for you to stand out.
Final Thoughts & Structure
Underlying each of the aforementioned categories, consider what it means to be committed: overcoming challenges consistently and staying the course. A commitment takes work, takes time and can take sacrifice or compromise. Consider what made achieving your goal difficult (in other words, what made you want to walk away or give up on your commitment), but, ultimately, what made you stick with it (some sign of progress, the impact of the ultimate goal). Finally, because this should be one’s “biggest” commitment, reflect on the scope and scale of the project. Your commitment should be worthy of the moniker, “biggest.”
As for structure, 500 words is not a lot of space, so it should be used wisely. Start with a concise and straightforward explanation of your commitment—ideally in a sentence or two. Then, move onto the meat of the content, which should include examples that showcase how you are committed to the idea, organization or person you have chosen. Space permitting, it would be nice to suggest how you would continue to pursue this commitment at Yale SOM and beyond. The essay can then be wrapped up with a brief reiteration of your biggest commitment and the satisfaction you get from it.
Clear Admit Resources
Thanks for reading our analysis of this year’s Yale SOM MBA essay topics. As you work on your SOM MBA essays and application, we encourage you to consider all of Clear Admit’s Yale offerings:
Posted in: Essay Topic Analysis, Essays
Schools: Yale SOM