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Updated 2025-08-20
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1D AGO

State Tax Breaks for Data Centers Come Under Fire With AI Boom

Data centers have emerged as a major political target in state capitals as they proliferate across the country and elected officials hear complaints from their voters about the massive, energy-guzzling warehouses. That has put tax breaks for data centers—which can amount to hundreds of millions of dollars annually in some states—squarely in the legislative cross hairs. State lawmakers in more than a dozen states have introduced legislation to repeal sales tax exemptions or raise the bar to qualify for them. Support for rolling back incentives cuts across party lines, with Republicans and Democrats expressing opposition to subsidizing a rapidly growing industry. But the industry's boosters also cross party lines, and two Republican governors have vetoed attempts in previous years to repeal the tax breaks. On this episode of Talking Tax, Bloomberg Tax reporter Daniel Moore discusses how these tax exemptions work, why they've grown so much, and how they could change this year. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

1d ago

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15 min
2D AGO

AI and the Coming Mismatch Between Law Schools and Law Firms

The future lawyers of America were taking the LSAT this weekend. But, by the time they get their JDs in a few years, law firms may have replaced many of their entry-level associate jobs with AI. That's a fear Mike Spivey hears a lot about these days. Spivey is a former law school administrator who is now an admissions consultant working with schools and prospective students. He says law school applications for the class of 2029 are spiking right now—even though AI may totally transform the legal industry by the time they graduate. Law schools are asking themselves "'Are we admitting people and bringing in large class sizes who, in three to four years, we're setting up to be in great debt? Are we going to have these debt-ridden people without jobs?'" Spivey said on our podcast, On The Merits. "That's the tension." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

2d ago

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9 min
FEB 3

Even Cravath, Wachtell Must Now Fight 'the Talent Wars'

There was a time when elite Wall Street firms such as Cravath or Wachtell seemed to rise above the lateral tug-of-war among other firms. That doesn't appear to be the case any longer, with a handful of partners from both of these firms announcing their departures for competitors last month. "I don't think these are one-offs," legal recruiter Sabina Lippman said. "It's a pattern." Firms like these will need to adjust their mindsets—and perhaps their pay structures as well—to stay at the top, according to two New York-based legal recruiters who spoke on our podcast, On The Merits. Lippman, co-founder and global managing partner at CenterPeak, and Todd Merkin, executive director of Wegman Partners, spoke to Bloomberg Law's Jessie Kokrda Kamens about this newest phase of what Lippman calls "the talent wars." Merkin said that these firms have "really been focused on talent retention, and not so much on talent acquisition. So they're a little bit behind as far as that goes." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Feb 3

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16 min
FEB 4

US Audit Board Awaits Latest Shake-Up With New Slate of Leaders

A new slate of leaders is poised to make its mark on the US audit board and launch the next chapter for the embattled regulator. Among those set to serve on the Public Company Accounting Oversight Board are two administration officials who have held key roles at federal agencies targeted by a White House campaign to hobble federal agencies and derail regulations. Those agencies include the Consumer Financial Protection Bureau and the National Credit Union Administration. The PCAOB last year was also caught up in the administration’s efforts to rein in the federal bureaucracy. Republican lawmakers attempted to sunset the board and hand its duties over to the Securities and Exchange Commission, which oversees the board and named the new leaders. On this episode of Talking Tax, Senior Reporter Amanda Iacone discusses the incoming board members and what this latest leadership shake-up means for the future of the independent audit regulator. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Feb 4

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14 min
2025-08-20

5. Did Schoolhouse Rock Lie to Us?

A generation of schoolchildren learned from Schoolhouse Rock that bills become laws through careful committee work, open debate, and thoughtful compromise. But as this episode of UnCommon Law makes clear, that tidy version of lawmaking no longer reflects reality. Instead, leaders often craft omnibus bills in back rooms and create deliberately vague laws that punt hard decisions to federal agencies. But with the Supreme Court's Loper Bright decision ending 40 years of judicial deference to agencies, critics say Congress can no longer hide behind this broken system. In this season finale, we hear from a current and a former US senator on opposite sides of the aisle who both argue that Congress must reclaim its constitutional role. They agree that decades of delegating authority to agencies has weakened the legislature, but they diverge on what should happen next. Should lawmakers strip out vague catchall words to limit agency discretion? Or should Congress work more closely with agencies to ensure workable, expert-informed legislation? But can a deeply polarized institution actually change? While both senators agree on some solutions, they differ sharply on whether a different approach is possible in today's political climate. In this episode we explore whether Congress can reclaim its constitutional role. Featuring: Sen. Eric Schmitt, R-Mo. Former Sen. Heidi Heitkamp, D-N.D. *** Hosted and produced by Matthew S. Schwartz Episode Editor: Loren Duggan Series Editor & Executive Producer: Josh Block Cover Art: Jonathan Hurtarte

2025-08-20

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37 min
2025-08-13

4. Chevron is Dead. Is the Administrative State Still Alive?

In this episode, we explore the aftermath of the Supreme Court’s decision to overturn the Chevron doctrine through the Loper Bright case, examining its impact on the regulatory landscape in America. In just the first six months after Loper Bright was decided, courts cited the case more than 400 times, leading to the invalidation of new agency rules 84% of the time. This has affected policies ranging from net neutrality to labor regulations to environmental protections. We delve into how Loper Bright has already reshaped American regulatory policy. We also look into how the Trump administration’s strategic use of Loper Bright to dismantle Biden-era rules, directing agencies to identify regulations that may be vulnerable under this new legal framework. But is the celebration over Chevron’s demise premature? Some legal experts describe Loper Bright as “a Rorschach test inside a crystal ball” suggesting theat its impact might be more complex than anticipated, with different interpretations emerging. Featuring: Helgi Walker, partner at Gibson Dunn and co-chair of their administrative law and regulatory practice group Rebecca Rainey, senior labor department reporter for Bloomberg Law Cary Coglianese, professor at the University of Pennsylvania Carey Law School and director of the Penn Program on Regulation *** Hosted and produced by Matthew S. Schwartz Editor/Executive Producer: Josh Block Additional Editing: Andrew Satter Cover Art: Jonathan Hurtarte Thank you: Jennifer Hijazi, Keith Perine, Tom Taylor, and Cesca Antonelli

2025-08-13

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32 min
FEB 5

New Epstein Revelations Bring Massive Upheaval at Paul Weiss

Legal giant Paul Weiss is getting a new chairman for the first time in nearly two decades, but this transition is definitely not happening in a planned, orderly fashion. Brad Karp stepped down from the role yesterday after the latest tranche of Justice Department documents showed he had surprisingly close ties to disgraced financier and convicted sex trafficker Jeffrey Epstein—far closer than what Paul Weiss had originally indicated. On this special episode of our podcast, On The Merits, Bloomberg Law editor Chris Opfer talks about what happened at this elite law firm and about the informal work Karp did for Epstein shortly before his death. Opfer also talks about why the firm's profits may not actually suffer that much from this abrupt change in leadership. "Long gone are the days of Paul Weiss being this, sort of, large litigation boutique," Opfer said. "It's much more a corporate-focused mega-firm." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Feb 5

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10 min
JAN 29

Fiscal Stress Permeates Government Accounting Rule Writer's Work

Trump administration cuts to federal funding are trickling down to cities and states across the country—and a top public-sector accounting leader is taking note. Governmental Accounting Standards Board Chair Joel Black is leading his team in crafting public sector financial reporting rules at a time when local governments are assessing resource constraints following cuts to funding resulting from the 2025 GOP tax law. The board establishes financial reporting and accounting rules for state and local governments that follow generally accepted accounting principles, or GAAP. Municipal bond insurers, taxpayer groups, and research institutes are among those that use government financial reports to analyze fiscal health. The board's work during the height of the Covid-19 pandemic informs its efforts now during another period of strain for governments. "It really honed us in to be sure we're working on only those things that are significant improvements, only those things our stakeholders are really asking us to work on," Black said. Black's board is currently undertaking a project that aims to improve financial reporting rules for governments grappling with fears they won't be able to meet their financial obligations. In this week's Talking Tax, Black sat down with Bloomberg Tax reporter Jorja Siemons to discuss GASB's financial stress-related project and the resource challenges accounting teams are facing. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Jan 29

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17 min
JAN 21

US Tax Carve-Out Beats Retaliation, OECD Business Rep Says

A global minimum tax deal that exempts American companies from key provisions is a better outcome for European business than the alternative of US retaliatory taxes, the co-chair of the OECD’s business committee said. The package agreed to this month by more than 145 countries at the Organization for Economic Cooperation and Development headed off a threat of steep US taxes on foreign companies if global concessions weren’t made. In this episode of Talking Tax, Christian Kaeser, global head of tax at Siemens AG, told Bloomberg Tax reporter Ryan Hogg that some of his European counterparts regarded the deal as “lopsided” but welcomed new permanent safe harbors that were created with input from Business at OECD, known as BIAC. Kaeser is co-chair of BIAC’s tax committee. “I’m pretty happy with the outcome,” he said. Competitive disparities created by the deal can be remedied by simplification of the EU’s own rules, including scrapping of the bloc’s controlled foreign companies anti-tax avoidance regime, he said. As for Pillar One, the other main part of a 2021 OECD-led tax agreement, Kaeser saw little hope. Further talks on the pillar, which would reallocate taxing rights to countries where big companies make their profits, have stalled for years. It “should be called Pillar Zed, zed for zombie,” he said. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Jan 21

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11 min
JAN 14

OECD Deal Success Hinges on Implementation, Rep. Estes Says

Republicans on Capitol Hill are keenly watching how other countries implement a long-sought OECD agreement that exempts US companies from parts of the global minimum tax framework. Rep. Ron Estes (R-Kan.), a member of the tax-writing House Ways and Means Committee, hasn't ruled out resurrecting legislation imposing retaliatory taxes on firms from nations that slow-walk codifying the deal. The deal was reached earlier this month after the Trump administration demanded a carve-out for American companies and for the US tax system to work alongside the global minimum tax framework without interference. Estes sat down with Bloomberg Tax Congress reporter Zach C. Cohen in his Capitol Hill office to talk about the importance of the agreement to American businesses and how he will "trust, but verify" other countries' tax code changes, especially if they pursue the same kind of exemption Washington just secured. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Jan 14

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16 min

Bloomberg Industry Group is an affiliate of Bloomberg L.P. and a source of legal, tax, regulatory, and business information for professionals. We update this channel regularly with fresh podcasts about legal, tax, and government topics.

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Top Shows

State Tax Breaks for Data Centers Come Under Fire With AI Boom

AI and the Coming Mismatch Between Law Schools and Law Firms

Even Cravath, Wachtell Must Now Fight 'the Talent Wars'

US Audit Board Awaits Latest Shake-Up With New Slate of Leaders

5. Did Schoolhouse Rock Lie to Us?

4. Chevron is Dead. Is the Administrative State Still Alive?

New Epstein Revelations Bring Massive Upheaval at Paul Weiss

Fiscal Stress Permeates Government Accounting Rule Writer's Work

US Tax Carve-Out Beats Retaliation, OECD Business Rep Says

OECD Deal Success Hinges on Implementation, Rep. Estes Says

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