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Fix the Debt
Quick Hit
by Ellyn Fortino
4:25pm
Thu Aug 22, 2013

Chicagoans 'Out' General Electric For Dodging Taxes, Demand Sen. Durbin Close Loopholes (VIDEO)

Chicagoans from across the city rallied downtown Thursday afternoon to “out” General Electric as a corporate tax dodger and to call upon U.S. Sen. Dick Durbin (D-IL) to take charge and make corporations pay their fair share.

Chicago is one of 10 cities taking part in the National People's Action campaign this week meant to shine a light on various corporate tax dodgers across the county. According to the protestors, GE received $8.4 billion in federal tax breaks between 2008 and 2010.

“Everyday people are suffering while corporate taxes are at historic lows, even though corporate profits are at an all time high,” said Toby Chow, a leader with IIRON. Read more »

Quick Hit
by Ellyn Fortino
11:42am
Wed Aug 7, 2013

U.S. Senators Push To Limit Tax Subsidies For 'Performance-Based' CEO Pay

U.S. Sens. Jack Reed (D-RI) and Richard Blumenthal (D-CT) want to stop unlimited corporate tax write-offs on CEO performance-based pay, which leaves taxpayers holding a $5 billion tab each year.

The two senators introduced a bill Friday that would limit the tax deductibility of executive pay to $1 million and eliminate the exception for commission-based and performance-based compensation.

The bill, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, S.1476, would expand the restrictions to all current and former employees of all corporations that file periodic reports with the U.S. Securities and Exchange Commission (SEC).

The Joint Committee on Taxation estimates the legislation will rein in $50 billion in tax revenue over a 10-year period, the senators said.

“Even as income inequality rises and middle-class wages stagnate, American taxpayers are subsidizing tens of billions of dollars in corporate bonuses,” Blumenthal said in a statement. “We should be investing in working families, not using taxpayer dollars for tax breaks to corporations that overpay their executives.  Corporations should be free to pay their executives whatever they wish, just not at the expense of American taxpayers -- many struggling to make ends meet.” Read more »

Quick Hit
by Ellyn Fortino
9:57am
Tue Apr 16, 2013

AFL-CIO Launches Updated PayWatch Webpage Tracking U.S. CEO Earnings

The AFL-CIO launched its updated and expanded Executive PayWatch webpage Monday, which tracks CEO pay of some of the largest U.S. companies and highlights the country’s growing wealth inequality.

The site’s new data shows that American business executives continued to do very well for themselves last year, while average workers struggled to make ends meet, said AFL-CIO President Richard Trumka.

“These CEOs really should be ashamed for trying to balance the budget on the backs of American working people, while at the same time demanding corporate tax cuts for overseas profits,” Trumka said on a conference call with reporters. 

Read more »