Explore our content

All types | All dates | All authors
corporate tax breaks

Pages

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
4:57pm
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
3:28pm
Mon Aug 22, 2016

Fair Economy Activists Arrested At Protest Against Corporate 'Tax Dodgers' (VIDEO) (UPDATED)

Members of Fair Economy Illinois took aim at corporate "tax dodgers" during a Monday afternoon protest outside Exelon's Chicago offices. Activists danced the Electric Slide in the street, and 10 protesters were ultimately arrested after they sat down in a downtown intersection and refused to move.

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
2:31pm
Thu Mar 24, 2016

Ryan Renounces Previous 'Makers And Takers' Rhetoric As Progressives Rebuke GOP 'Austerity' Budget Plan

House Speaker Paul Ryan (R-WI,1) expressed regret this week for his past comments against poor Americans, saying in a major speech Wednesday that he was wrong for calling people "makers and takers."

"There was a time that I would talk about a difference between 'makers' and 'takers' in our country, referring to people who accepted government benefits. But as I spent more time listening, really learning the root causes of poverty, I realized something. I realized that I was wrong," Ryan said during his speech about the state of American politics. "'Takers' wasn't how to refer to a single mom stuck in a poverty trap, trying to take care of her family. Most people don't want to be dependent. And to label a whole group of Americans that way was wrong. I shouldn't castigate a large group of Americans just to make a point."

In a question and answer session after his speech, delivered before a group of House interns, Ryan added, "I was callous and I oversimplified and I castigated people with a broad brush. That's wrong. And there's a lot of that happening in America today. I myself have made that mistake."

Despite Ryan's noteworthy change in rhetoric, and his push this year to make combating poverty a top GOP priority, critics say his policies speak for themselves.

Pages