Explore our content

Quick hits | All dates | All authors
All categories

Pages

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

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
3:45pm
Thu Nov 3

Report: Racial, Class Inequality A 'Dual Penalty' On Black Workers' Wages

Wage growth among African-American workers has taken a double hit since 1979 due to the growing black-white wage gap and overall wage stagnation, according to a new paper from the Economic Policy Institute. 

The left-leaning think tank finds that median hourly wages for black workers "could be 87 percent higher in the absence of racial and class inequality."

Researchers examined the 1979 to 2015 time period, during which "overall median wages did not track productivity growth and racial wage gaps did not close, but instead widened."

"This kept wage growth for black workers much, much lower than it would have been otherwise," the report adds.

Quick Hit
by Ellyn Fortino
4:01pm
Wed Nov 2

CTU President: New Contract A Step Toward 'Rebuilding Trust' Between Teachers, City

Now that Chicago Teachers Union members have ratified a new contract, CTU President Karen Lewis detailed what comes next for the union and Chicago Public Schools district.

"We will work with them to shore up their financial issues by promoting legislation that will adequately and equitably fund all of Illinois' schools," she said during a speech before the City Club of Chicago.

CTU members approved the four-year contract agreement late Tuesday. Preliminary vote results showed that 72 percent of CTU members authorized the deal.

In discussing the vote results, Lewis said, "What I can tell you is that the level of distrust between the district, parents, educators and communities is still high, and will need a lot of work to repair these wounds."

Quick Hit
by Ellyn Fortino
12:43pm
Thu Oct 27

Windy City Aldermen Talk Municipal Budget, Chicago Cubs At Panel Discussion

Chicago Ald. Scott Waguespack (32nd) says he thinks he has solved the city's budget for next year.

"We'll just add an additional tax on every item that the Cubs sell this season," Waguespack joked Thursday during a City Club of Chicago panel discussion on the city's 2017 budget. 

"I've never seen so many people wearing Cubs gear, not only in Chicago but just nationwide," the alderman said. "It's a good thing to see a team doing so well, because it does add to the bottom line. It adds to Chicago's stature at a time when things are pretty difficult, when we see so much increase in crime and violence throughout our city, that we can have one thing to look at and say this is a good thing."

Quick Hit
by Ellyn Fortino
12:11pm
Mon Oct 24

Government Report Sparks Debate Over U.S. Fuel Economy Standards

Automakers have a "wide range of cost-effective technologies" at their disposal to meet 2025 fuel economy and greenhouse gas standards for cars and light trucks.

But they may fall short of achieving the proposed fleet-wide fuel economy average of 54.5 miles per gallon (mpg) by 2025 because of increased demand for SUVs and pickups.

That assessment came from the U.S. Environmental Protection Agency, the National Highway Transportation Safety Administration and the California Air Resources Board in a recent report.

Quick Hit
by Aricka Flowers
1:33pm
Fri Oct 14

Chicago Tribune Endorses Duckworth Over Kirk, Bringing Incumbent's Health Into Play

The Chicago Tribune has endorsed U.S. Rep. Tammy Duckworth (D-IL,8) in the race for Illinois' senate seat. The newspaper has previously endorsed incumbent Mark Kirk (R) in each of his races for political office.

In January of 2012, Kirk suffered an ischemic stroke, returning to Congress a year later. Kirk has been declared mentally fit to do his job as a congressman and regained use of his left side, but he does use a cane or wheelchair and sometimes appears to struggle with his speech.

The newspaper took the congressman's current state of health into consideration in opting to support his challenger in the November election.

Quick Hit
by Ellyn Fortino
3:58pm
Thu Oct 13

UNO Charter School Teachers Rally For A 'Fair Contract' As Potential Strike Looms (VIDEO)

With a potential strike looming, unionized Chicago teachers at the UNO Charter School Network (UCSN) rallied with their allies Thursday afternoon in their push for a "fair contract."

They picketed outside the charter network's downtown headquarters, 209 W. Jackson Boulevard, with signs that read: "We don't want to strike but we're ready" and "We will fight for a fair contract."

"Our students are all low income, and (UCSN has) offices down here in this fancy building, and they're not willing to make cuts at the top" to improve the quality of education for students, said Erica Stewart.

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

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
4:17pm
Fri Sep 30

U.S. Students Continue To Face 'Unacceptable Levels' Of Bullying, Survey Finds

Despite an increase over the past decade in anti-bullying policies and other measures to promote safe school environments, biased language, bullying and harassment continue to be the norm at many U.S. middle and high schools.

That's according to the Gay, Lesbian & Straight Education Network (GLSEN), which released its 2015 school climate survey on Wednesday. The report is an update of the group's school climate survey from 2005.

"Overall, bullying still persists at unacceptable levels, and the gains of the past ten years throw the more intractable aspects of the problem into higher relief. LGBTQ students still face rates of violence much higher relative to their peers," GLSEN's Executive Director Eliza Byard said in the report's preface.

"Teachers report that they are less comfortable and less prepared to address the harsh conditions faced by transgender and gender nonconforming students. And amidst progress in reducing the use of most types of biased language in schools, racist language remains as prevalent as it was a decade ago," she continued.

Pages