State and local tax breaks are exploited by wealthy corporations, propping up businesses that generate massive wealth for CEOs and shareholders while keeping wages and benefits down for rank-and-file workers.
The major tax break that was about to be left off the "make permanent" list in the "tax extenders" bill President Obama threatened to veto last week – the Earned Income Tax Credit – disproportionately benefits rural families.
Some of the special tax breaks in the extenders package are really good and serve an important purpose. Others include loopholes that actually encourage corporations to shift U.S. profits offshore into tax havens.
The kingpins of Congress have spent years carving tax loopholes that help America’s CEOs fleece the federal treasury. Now these kingpins are pushing a corporate tax ‘reform’ that ignores the loopholes.
Walmart avoids paying on average $1 billion a year in federal taxes through aggressively exploiting tax loopholes, according to a report released today by Americans for Tax Fairness.
Corporations owe taxes on the $2 trillion of profits these companies have already made. Who should get this money? We could let corporations keep the money – or use it to give ordinary Americans a $2,000 check.
It pays to remember the work Congress is not doing to ensure corporations pay their fair share of taxes. Some of the consequences are laid out in a report on CEO compensation and corporate taxes released today.
Americans want what 21st century politics has so far not delivered: real options for challenging concentrated wealth. That's one conclusion from new polling that gave Americans a choice of seven tax policy options.
Any deal that in exchange for funding infrastructure lets these companies off the hook for these taxes they already owe rewards these companies for engaging in these schemes and scams.
When you sign an online petition, send an email and especially donate to a cause, it can make a real difference. In the case of companies “renouncing their citizenship” in order to dodge their taxes, it really did work.
Why is it that any time you hear the word “reform” coming out of Washington it always ends badly for about 99 percent of us? Here are some actual reforms that are need for corporate tax reform.
Extortion is the practice of obtaining something of value through fear, using force, threats or coercion. What does it mean when the owners of big companies say they will move if we don't cut their taxes? This is extortion.
As fast-food workers across the country strike for decent pay, Burger King is still preparing to abandon the US as their home country. How does a burger company get flipped like this and who gets rich when it happens?
Corporate taxes used to be 46 percent. Corporations played an extortion game, saying lower our taxes or we'll move out of the U.S. The U.S. gave in and "reformed" the tax rate to 35 percent. Now the corporations are back for more.
With polls showing most Americans just hate companies that renounce their U.S. citizenship to dodge paying their taxes, the DC/corporate-centric outlet Politico says Democrats are making a mistake by pushing this issue.
New York Democratic Senator Chuck Schumer has introduced a bill aimed at fighting the corporate tax-dodging practices of "inversion" and "earnings stripping" which involve use on non-US affiliate companies.
An obscure provision in the Affordable Care Act, a new report details, raises taxes on firms that overpay their top execs. The only problem: The provision so far only applies to corporations in one industry.
Tolstoy wrote that "kings are the slaves of history." Unfortunately for Burger King, which intends to renounce its American status for tax purposes, neither history nor public opinion is on its side.
In one of its lesser-known provisions, the Affordable Care Act limited tax breaks health insurers could claim for executive compensation. While that may sound arcane, the implications could be profound and far-reaching.
Legislation to do something about corporations renouncing their U.S. "citizenship" is before Congress. The odds are that Republicans will block it – and not just because they have obstructed everything else.
Every part of Burger King’s success was enabled up by our taxpayer-funded American system. Now Burger King wants to take off from the country that made them what they are. But they still want us to eat their food.
Corporate tax rates used to top out at 52.8 percent. They are now 35 percent. Now they want rates lowered even more. But are corporate tax rates really "uncompetitive?" And what does that even mean?
Big news: Walgreens will not “invert” to become a Swiss company to avoid U.S. taxes. This is a victory for a powerful alliance of citizen groups under the banner of Americans for Tax Fairness. Now let's reform corporate taxes.
Walgreens has announced that it won't do an "inversion" that will enable it to cut its corporate taxes by renouncing its U.S. citizenship. But we still need to deter other companies from going that route.
If you get a speeding ticket, do you get to deduct the fine from the income tax you owe? Then why should JPMorgan Chase be able to deduct from its taxes a $20 billion fine for wrongdoing as a cost of doing business?
An Illinois company is considering a combination with the French corporation that is the home of Dannon yogurt in the latest example of a corporate "inversion" designed to lower its U.S. tax bill.
Their headquarters, executives, operations, employees, customers and everything else stay here. They still use our courts and roads, etc. The only thing that changes is the taxes they pay.
At a Senate Finance Committee hearing this week, the committee chairman and a panel of witnesses were united in supporting immediate action to combat "inversions," an increasingly used tax-avoidance tactic.
How does it feel to be the CEO of a “defector corporation”? Do such executives face the opprobrium of society as they enjoy the fruits of this land that has given them so much? So far, apparently not. But that may be changing.
Here are five companies – only a handful of the total – that have or are trying to renounce their U.S. citizenship to avoid paying taxes to help cover the benefits they receive.
Corporations that “invert” park their assets, staff and sales in the U.S. But with their sham overseas addresses, they won’t pay taxes on foreign income to the country that protects them.
When these companies and the billionaires behind them don't pay their taxes, guess who has to make up the difference — or suffer the cutbacks in the things government does to make our lives better?
The idea is to tax corporations based on where sales are made, not where profits are reported. If a company has 50 percent of its sales in the U.S., the U.S. would tax 50 percent of its worldwide profits.
Walgreens receives a quarter of its revenue from health care programs funded by U.S. taxpayers, but is considering renouncing its U.S. "citizenship" to avoid paying taxes for the U.S. services it uses and customers it gets.
Ingersoll-Rand, which changed its corporate address to Bermuda to avoid American corporate taxes, is one of at least a dozen such companies that together get more than $1 billion in federal contract dollars annually.
Fortune lists companies that "sure seem American—except when it comes to paying taxes" and publishes a denunciation of an "exceptionalism" that enables companies to avoid taxes but benefit from being American.
Just as the White House was registering its opposition to a corporate tax holiday for companies that are sheltering profits overseas, a House Democrat was selling the proposal in a campaign ad.
Medtronic is as American a company as they come. But if Medtronic’s management has its way, the company will soon become Irish. Why? Because everybody evades their taxes nowadays.
Corporations currently owe up to $700 billion in unpaid, “deferred” taxes. Congress can make them pay, or let them off the hook. Guess which choice Congress is about to make.
Multinational companies owe us up to $700 billion in taxes. They say they’ll pay some of that tax money if we let them off from paying it all. For some reason just telling them to pay their taxes isn't on the table.