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Quick Hit
by Ellyn Fortino
4:30pm
Fri Nov 4, 2016

U.S. Multinational Companies Owe $700 Billion In Taxes On Offshore Profits, New Research Shows

American multinational corporations are apparently dodging nearly $700 billion in U.S. taxes they owe on profits stockpiled offshore, according to a new "corporate tax chartbook" from Americans for Tax Fairness (ATF) and the Economic Policy Institute (EPI).

Last year, Fortune 500 companies had $2.4 trillion in untaxed offshore profits, on which they owe up to $695 billion in U.S. taxes, the analysis found.

"Corporations have not paid any U.S. taxes on these profits because our tax system lets them defer paying taxes until that income is brought back to the U.S. parent corporation (i.e., repatriated)," the report states.

This deferral process costs the U.S. Treasury roughly $126 billion annually or $1.3 trillion over a decade. 

Quick Hit
by Ellyn Fortino
4:24pm
Wed Oct 12, 2016

Duckworth Talks College Affordability At UIC, Responds To Kirk's New Attack Ad

U.S. Rep. Tammy Duckworth (D-IL,8) was at the University of Illinois at Chicago Wednesday morning to talk with students about higher education and college affordability. 

"I can't think of something more important as an investment to our nation than making sure that we make college affordable, and that we get to a point where students are not starting off life with tremendous amounts of student loan debt," Duckworth told reporters after the town hall.

The event, sponsored by UIC student organizations and Young Invincibles Action, was supposed to be a candidate forum, but Kirk declined to participate, Duckworth said. 

The congresswoman used the event to detail college affordability proposals she is sponsoring in the U.S. House, namely the "In the Red Act." The proposal would adjust Pell Grants for inflation, allow borrowers to refinance student debt at lower interest rates and provide students with two years of tuition-free community college.

Quick Hit
by Ellyn Fortino
4:57pm
Wed Sep 28, 2016

Report: U.S. Taxpayers Subsidized $725 Million In Wall Street CEO Bonuses In The Last Four Years

Twenty leading U.S. banks collectively paid their top five executives $2 billion in tax-deductible bonuses between 2012 and 2015, according to a recent report examining Wall Street CEO pay.

That $2 billion figure works out to be a tax break valued at $725 million, or $1.7 million per executive per year, the Institute for Policy Studies (IPS), a progressive think tank, found.

"Taxpayers should not have to subsidize excessive CEO bonuses at any corporation," report co-author and IPS Global Economy Project Director Sarah Anderson said in a statement. "But such subsidies are particularly troubling when they prop up a pay system that encourages the reckless behavior which caused one devastating national crisis -- and could cause more in the future."

PI Original
by Ellyn Fortino
12:28pm
Tue Sep 6, 2016

Report: Workforce Training Programs Save States, Cities More Money Than Corporate Subsidies

Workforce training is a cheaper, more cost-effective economic development option for states and cities than corporate "megadeals," a new report from Good Jobs First has found.

PI Original
by Ellyn Fortino
1:33pm
Thu Jul 28, 2016

Report: U.S. Utility Companies 'Have Become Expert Tax Dodgers'

Profitable U.S. utility companies are not paying their "fair share" in taxes, according to a new report from the Institute for Policy Studies. 

Quick Hit
by Ellyn Fortino
3:34pm
Thu Jul 14, 2016

Controversy Over Joe Walsh's Threatening Tweet Spills Over Into 66th House District Race

Controversy over former Illinois congressman Joe Walsh's incendiary tweets posted last Thursday after the deadly sniper attack on Dallas police officers has spilled over into the state's 66th House District race.

The Democrat in the race, Nancy Zettler, is calling on her Republican opponent, Allen Skillicorn, to disavow Walsh's "hate-filled statements."

Walsh has faced backlash for a now-deleted tweet that threatened "war" on President Barack Obama and the Black Lives Matter movement. 

PI Original
by Ellyn Fortino
6:57pm
Fri Apr 29, 2016

Duckworth, Warren Talk Retirement Security Policy At Chicago Campaign Event

U.S. Sen. Elizabeth Warren joined U.S. Rep. Tammy Duckworth at a Chicago campaign event Friday to talk retirement security with seniors and other supporters. Progress Illinois provides highlights from the discussion. 

Quick Hit
by Ellyn Fortino
4:18pm
Tue Apr 19, 2016

Pending U.S. Trade Deals Could Gut Environmental Policies, Report Argues

A leading environmental group is sounding the alarm over climate threats posed by pending trade agreements, including the controversial Trans-Pacific Partnership (TPP).

TPP is a free trade agreement among the United States and 11 other countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement was signed in February and still needs ratification from the U.S. Congress.

In a recent report, the Sierra Club says the TPP and another proposed trade agreement under negotiation between the United States and the European Union, called the Transatlantic Trade and Investment Partnership (TTIP), "threaten efforts to keep fossil fuels in the ground."

"Like NAFTA [the North American Free Trade Agreement], the TPP and TTIP would give foreign corporations broad rights, including the right to challenge new fossil fuel restrictions that thwart their 'expectations' for a stable business environment," the report explains. "The trade deals would empower the corporations to bypass U.S. courts and take such challenges to tribunals of three private lawyers, unaccountable to any domestic legal system, under a process known as 'investor-state dispute settlement' (ISDS)."

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