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Archive for the ‘Tax Policy’ Category

Poll: Small Business Owners Say Big Businesses, Millionaires Not Paying Fair Share of Taxes

In Tax Policy on February 21, 2012 at 5:38 pm

90 percent of small business owners in nationwide poll say big corporations use loopholes to avoid taxes that small businesses have to pay; majority support increasing taxes on millionaires and letting high-end tax cuts expire

Washington, DC – Small business owners see corporate tax loopholes and accounting gimmicks used to shift U.S. profits offshore to avoid taxes as serious problems, according to an independent nationwide opinion poll released today. Small business owners think big corporations and the wealthy don’t pay their fair share of taxes, the poll shows. They support increasing taxes on millionaire incomes, letting high-end tax cuts expire, and closing the carried interest loophole that gives big tax breaks to hedge fund managers.

These are among the key findings summarized below of a scientific nationwide survey of small business owners released by the American Sustainable Business Council, Main Street Alliance and Small Business Majority. Click here to read the report.

Read the rest of this entry »

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes, U.S. PIRG Study Shows

In Tax Policy on February 8, 2012 at 5:11 pm

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – XX PIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

The report, Representation without Taxation: Fortune 500 Companies that Spend Big on Lobbying and Avoid Taxes takes a close look at one area where corporate power and influence is on full display: corporate tax policy. By exploiting loopholes and special provisions in the tax code, 280 consistently profitable Fortune 500 companies paid about half the statutory corporate tax rate while spending $2 billion to lobby Congress on tax policy and other issues. The report also looks at the “Dirty Thirty” particularly aggressive tax avoiders that spent more on federal lobbying than income taxes between 2008 and 2010. Twenty-nine of these corporations actually received a net tax rebate during the three year period of the study.

“The fact that so many corporations can spend more money lobbying than they pay in taxes makes a mockery of our tax code and our democracy,” said U.S. PIRG Democracy Advocate Blair Bowie, co-author of the report.

Read the rest of this entry »

February Alaska Economic Trends

In General, Tax Policy on February 8, 2012 at 5:06 pm

February Trends examines the major role of the federal government in Alaska’s economy: funding, jobs, and how the federal influence has changed over time. Also this month is an overview of the “other” unemployment rate – the insured unemployment rate or IUR – which measures only the unemployed workers who actually apply for benefits. Finally, Trends looks at poverty rates and how they are measured. These federal thresholds, which apply to all states regardless of the cost of living, paint a picture that varies greatly across Alaska and among demographic groups.  Read More Here

Source: Redacted from Alaska Department of Labor & Workforce Development 2/8/2012

NEW REPORT: 265 Major, Profitable U.S. Corporations’ Tax Avoidance Costs States $42 Billion Over Three Years

In Tax Policy on December 8, 2011 at 4:57 pm

“A comprehensive new study that profiles 265 consistently profitable Fortune 500 companies finds that 68 of them paid no state corporate income tax in at least one of the last three years and 20 of them averaged a tax rate of zero or less during the 2008-2010 period. These are among the findings in “Corporate Tax Dodging in the Fifty States, 2008-2010” released today by the Institute on Taxation and Economic Policy (ITEP) and Citizens for Tax Justice (CTJ).

“Our report shows these corporations raked in a combined $1.33 trillion in profits in the last three years, and far too many have managed to shelter half or more of their profits from state taxes,” said Matthew Gardner, Executive Director at the Institute on Taxation and Economic Policy and the report’s co-author. “They’re so busy avoiding taxes, it’s no wonder they’re not creating any new jobs.”

Among the 20 corporations who paid zero or less in state corporate income taxes over the three year period are: Utility provider Pepco Holdings (DC); pharmaceutical giant Baxter International (IL); chemical maker DuPont (DE); fast food behemoth Yum Brands (KY); high tech manufacturer Intel (CA).

“Corporate Tax Dodging in the Fifty States, 2008-2010” concludes that these 265 corporations cost states $42.7 billion in lost revenues in the last three years, and Gardner identifies three chief causes for state corporate tax revenues steadily declining for two decades.

Read More Here

Source: Excerpted from www.ctj.org  12/7/2011

The Movement to End Wage Theft

In Low-Income Families, Tax Policy on October 25, 2011 at 4:17 pm

Over the last decade, grassroots opposition to wage theft has grown dramatically across the country.  Wage theft, the illegal underpayment of wages primarily affects the working poor.  It is widespread and occurs in various forms and industries.  It is estimated that millions of low wage workers annually are not paid at legally required overtime rates, at minimum wages or for total hours worked. In response workers’ rights organizations have engaged in increasingly sophisticated and successful campaigns to strengthen enforcement and make sure that monies due employees are repaid.

In a new report: “A Fair Day’s Pay: The Movement to End Wage Theft”, Nik Theodore, an Associate Professor at the University of Illinois at Chicago, examines over a dozen organizations that utilize innovative tactics to combat this illegal practice.  Commissioned by the Discount Foundation, the report reviews a variety of local, state and federal strategies driven by grantee organizations to address violations of employment laws. Read the report (PDF) now!

Source: Excerpted From: discountfoundation.org

New Analysis of the 2010 Census Labor Statistics

In health reform, Low-Income Families, Tax Policy on September 28, 2011 at 4:38 pm

The National Women’s Law Center’s analysis of 2010 Census and Bureau of Labor Statistics state data is now available, and we wanted to share [their] findings. The series of state-specific fact sheets covers:

  • Poverty rates among women by race and ethnicity,
  • Poverty rates among children,
  • The wage gap,
  • Health insurance coverage for women and children, and
  • Women’s unemployment.

The series is available online at: http://www.nwlc.org/statepovertydata.

Source: Excerpted from The National Women’s Law Center 9/28/2011

Democracy Now! Interviews Richard Wolff

In General, Tax Policy on August 15, 2011 at 5:40 pm

Popular radio show Democracy Now! recently interviewed Richard Wolff, Professor Emeritus of Economics at University of Massachusetts Amherst and author of the book “Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It.”

In his interview, Wolff discusses the current economic crisis and the showdown between Republicans and Democrats regarding the issue of the debt ceiling. Topics covered include possible alternatives to the “solutions” suggested by political leaders, the possible cultural repercussions of an economic meltdown, and lessons that can be taken from the economic situation in Europe.

For the full transcript, click here.

The full audio version of the interview is also available for download.

Property Taxes: Are Anchorage Commercial Properties Paying Their Fair Share?

In Tax Policy on October 28, 2009 at 1:22 pm

A couple of weeks ago Mayor Sullivan invited me to his office so that I could conduct an interview for Alaska Health Policy Review about his views on health policy.  At the end of that interview, I asked his permission to diverge to a completely different topic — property taxes.  He allowed the question…

I want to ask you one question that really comes from a completely different ball park. I want to talk about property taxes. I have only one question on this subject. I noticed in one of your press releases, I think you mentioned that property taxes were going up. Read the rest of this entry »

Next Post

In General, Low-Income Families, Retirement Security, Tax Policy on November 21, 2008 at 3:56 pm
Cropped picture of Joseph Stiglitz, U.S. econo...

Joseph Stiglitz Image via Wikipedia

[This letter, signed by 387 economists, including Nobel Laureates Joseph Stiglitz, Robert Solow, and George Akerlof, urges Congress to move quickly and decisively to pass an effective new economic stimulus package.]

The Honorable Henry Reid           The Honorable Nancy Pelosi
Senate Majority Leader                 Speaker of the House
Washington, DC 20510                 Washington, DC 20515

The Honorable Mitch McConnell          The Honorable John Boehner
Senate Minority Leader                        House Minority Leader
Washington, DC 20510                       Washington, DC 20515

Dear Sen. Reid, Sen. McConnell, Speaker Pelosi, and Rep. Boehner:

We, the undersigned economists, urge Congress to pass a new stimulus package as quickly as possible. The need to deal with financial turmoil has directed attention away from the “real” economy. But the latest data clearly show that the economy is entering a serious recession, initiated by the collapse of homebuilding and intensified by the paralysis of credit markets. Without a fast an effective response by government, the economy could continue to spiral downward, leading to a large increase in unemployment and a sharp decline in GDP. Read the rest of this entry »

Commonwealth Fund Compares Candidate Health Plans

In General, Low-Income Families, Public Health Policy, Tax Policy on October 23, 2008 at 6:12 pm

The following is the executive summary of a longer analysis of Obama’s and McCain’s health plans. The analysis was conducted by the Commonwealth Fund, a widely respected foundation that analyzes national and international health plans. The full report is available on their website.

INTRODUCTION

With the 2008 presidential election just weeks away, health care reform is at the top of the nation’s domestic policy agenda. The soaring costs of health care, along with a faltering economy and lackluster wage growth, are leaving many working families without insurance or with medical expenses that consume a large share of their incomes. A recent Commonwealth Fund study found that nearly two-thirds of working-age adults—an estimated 116 million people—either were uninsured for a time during 2007, were insured but had such high medical costs compared with their incomes that they were underinsured, reported a problem paying medical bills, or did not get needed care because of its cost. Over the past seven years, such problems have crept up the income scale among people with and without health insurance. Consequently, voters are calling for change: eight of 10 adults said in a May survey that the health care system is in need of a major overhaul or fundamental reform. Read the rest of this entry »

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