Taxes

U.S. Taxpayers On The Hook For Insuring Farmers Against Growing Climate Risks

January 1, 2019 Georgina Gustin, Insideclimatenews.org Educate! Climate Change, Farming, Taxes

Like every Midwestern farmer, Jerry Peckumn relies on a few things going right every season. Rain, but no deluge. Sunshine, but no heat wave. A timely cycling of the seasons. Peckumn is a progressive, conservation-minded farmer who's deeply concerned about the impact of the changing climate on his farm. He knows nature isn't controllable and the weather is getting more erratic. So, like hundreds of thousands of American farmers, he relies on federal crop insurance.

New Yorkers Confront Amazon Execs At City Council Meeting

December 14, 2018 Julia Conley, Commondreams. Resist! Amazon, Taxes, Wages, Worker Rights and Jobs

After being kept in the dark about New York's $3 billion deal with Amazon, allowing the trillion-dollar corporation to build its new headquarters—complete with helicopter landing pad for CEO Jeff Bezos—in the Queens neighborhood of Long Island City, concerned New York City Council members and scores of angry New Yorkers on Wednesday angrily confronted company representatives over the plan. At the first City Council meeting on Amazon's so-called "HQ2," about 150 protesters joined the mostly-Democratic lawmakers in slamming the closed-door process through which the city and state finalized the deal and the effect the corporation's arrival will likely have on affordable housing and community development in Queens and the entire city, as New York pours much-needed funds into the new one million square foot campus.

Busload Of Activist Nuns Log 5,600 Miles For Tax Justice

October 31, 2018 By Sarah Anderson, Inequality.org Resist! Activists, Reform, Taxes

Look out Mar-A-Lago. The renowned activists known as the “Nuns on the Bus” are headed your way. And they’re just as ticked off about the Trump-Republican tax reform as they were when they launched their cross-country “Tax Justice Truth Tour” in California over three weeks ago. President Trump will most likely be out on the hustings when the nuns roll up to his Palm Beach playland just days before the mid-term election. But by picking his members-only Florida resort as their final stop, they’ll make a powerful point about the new tax law’s big winners. In their words, Mar-A-Lago is “the pinnacle of economic inequality and hoarding of wealth.”

The EU’s Link Tax Will Kill Open Access And Creative Commons News

October 29, 2018 Cory Doctorow, Eff.org Educate! European Union (EU), Open Access, Taxes

All this month, the European Union's "trilogue" is meeting behind closed doors to hammer out the final wording of the new Copyright Directive, a once-noncontroversial regulation that became a hotly contested matter when, at the last minute, a set of extremist copyright proposals were added and voted through. One of these proposals is Article 11, the "link tax," which requires a negotiated, paid license for links that contain "excerpts" of news stories. The Directive is extremely vague on what defines a "link" or a "news story" and implies that an "excerpt" consists of more than one single word from a news-story (many URLs contain more than a single word from the headline).

Taxpayers Are Footing The Bill For Sky-High CEO Salaries

September 4, 2018 By Sam Pizzigati, Otherwords.org Educate! CEO, Corporations, Corruption, Taxes

Politicians often gab about the “private sector” and the “public sector,” as if these two categories of economic activity operated as two completely separate worlds. In reality, these two sectors have always been deeply intertwined. How deeply? Every year, the federal government spends about half a trillion dollars buying goods and services from the private sector. State and local government contracts with private-sector enterprises add hundreds of billions more. And private-sector companies don’t just receive contracts from our governmental entities. They receive all sorts of subsidies — billions upon billions of dollars in “corporate welfare.” Where do all these dollars come from? They come from us, America’s taxpayers. Without the tax dollars we provide, almost every major corporation in the United States would flounder.

Scoring Trump’s Tax Cuts So Far: $280K For Rich Lawmakers, Pennies For Working People

August 24, 2018 By Kayla Kitson, Otherwords.org Educate! New Economy, Taxes, Trump Administration

The Trump-GOP tax law was sold as a boon for the middle class. But many months after its passage, there are no signs that working Americans are getting the pay raise they were promised. The Trump administration claimed the corporate tax cuts would eventually lead to wage increases of up to $9,000 a year for ordinary workers. But so far, workers’ wages remain stagnant. Tracking by Americans for Tax Fairness shows that only about 400 out of America’s 5.9 million employers have announced any wage increases or one-time bonuses related to the tax cuts. That’s about 0.007 percent. In fact, real wages have actually declined since last year after accounting for higher gas prices, prescription drug prices, and other rising costs. If that weren’t bad enough, Trump and the GOP now want to come after the services that working families rely on.

One Dire Prediction For Trump’s Tax Cuts Is Already Coming True

May 31, 2018 By Jacob Sugarman, Truthdig.com Educate! Taxes, Trump Administration

Six months after Donald Trump signed the Tax Cuts and Jobs Act of 2017 into law, “the days of most people getting a pay raise are over.” That is one finding of a disturbing new report from Axios, which also notes that major corporations are planning on cutting their respective payrolls, despite having secured trillions in tax savings from Republican legislators in Congress. During a conference Thursday at the Dallas Fed, several of the country’s leading CEOs were asked if they had any plans to use their collective tax windfall to increase wages. Their answers, according to Axios’ Steve LeVine, were “candid and bracing.” “It’s just not going to happen,” Chairman and CEO of Coca-Cola Beverages Florida Troy Taylor told the discussion’s moderator. “Absolutely not in my business.” Taylor and several others suggested that if workers wanted to increase their salaries, or even save their jobs, they would have to pursue more “technically-skilled” employment.

How U.S. Taxpayers Fund The World’s Most Profitable Corporations

May 15, 2018 David DeGraw, Informationclearinghouse.info Educate! Corporations, Profit, Taxes

May 13, 2018 "Information Clearing House" - We were trying to think of an issue that could possibly be more significant than $21 Trillion in taxpayer money disappearing from the Pentagon. While it is very hard to fathom something more significant than $21 Trillion, the only thing we could come up with is the lack of Return on Public Investment that American taxpayers get…As American taxpayers, did you know that we have been major investors in many of the world’s most profitable corporations? Yes, significant Research & Development of technology, done by the Pentagon through our public investment via taxpayer funding, has been handed over to global private corporations and foreign countries, for their profit. Global weapons manufactures, foreign countries and most of Silicon Valley’s largest companies have been gifted trillions of dollars worth of technology, at our expense, for their profit.

Wind Farms Boost Tax Base For Local U.S. Governments

May 9, 2018 Hilary Russ, Reuters.com Educate! Investment, Taxes, Wind

NEW YORK, May 7 (Reuters) - Wind farms have boosted local tax bases and generated new revenue as they expand across the United States, especially for rural areas, Moody’s Investors Service said in a report on Monday. “What we’re seeing is wind farms generate new operating revenues, lower the tax burden for local residents,” Moody’s analyst Frank Mamo told Reuters. “In many cases, local governments are using this new money to address what was a growing backlog of deferred capital expenditures.” In Adair County, Iowa, construction of 10 new wind farms has grown the tax base nearly 30 percent over the last decade, giving it money to fix bridges and streets. Wind farm taxes are also paying over 40 percent of debt service for Webb Consolidated Independent School District in Texas, Moody’s noted.

Tax Luxury Housing to Fund Social Housing

May 8, 2018 By Chuck Collins, Inequality.org Create! Housing, New Economy, Taxes

I’ve traveled in a lot of major US cities in the last year outside of my hometown of Boston, Mass. Most of them are experiencing gentrification as wealthy newcomers drive up the cost of housing and displace long-time residents. But there’s an additional disruptive force — a sort of globally supercharged gentrification resulting from billions of dollars in global wealth flowing into residential real estate. Across these cities, new residential luxury towers are rising up like weeds. Last month, I wrote an op-ed in the Sunday Boston Globe that has triggered some great conversations. The piece, called “Time to Tax the Swanktuaries,” describes One Dalton Place — a building under construction that I see on my daily walk. The article led to an interview on WBUR’s Radio Boston and a recent conversation on Boston Neighborhood Network with Chris Lovett.

Fox In The Hen House: Why Interest Rates Are Rising

April 25, 2018 Ellen Brown, Ellenbrown.com Educate! Interest Rates, Taxes

On March 31st the Federal Reserve raised its benchmark interest rate for the sixth time in 3 years and signaled its intention to raise rates twice more in 2018, aiming for a fed funds target of 3.5% by 2020. LIBOR (the London Interbank Offered Rate) has risen even faster than the fed funds rate, up to 2.3% from just 0.3% 2-1/2 years ago. LIBOR is set in London by private agreement of the biggest banks, and the interest on $3.5 trillion globally is linked to it, including $1.2 trillion in consumer mortgages. Alarmed commentators warn that global debt levels have reached $233 trillion, more than three times global GDP; and that much of that debt is at variable rates pegged either to the Fed’s interbank lending rate or to LIBOR. Raising rates further could push governments, businesses and homeowners over the edge.

Supreme Court Decision On Sales Tax Potential Big Impact On Local Businesses

April 21, 2018 Olivia Lavecchia, Ilsr.org Create! Small Business, Supreme Court, Taxes

On April 17, the U.S. Supreme Court will hear arguments in a case on sales tax collection that could — long after online commerce has transformed the retail sector in the United States — finally give states the authority to require online retailers to collect sales tax. For years, state and local governments have watched as sales tax revenues have declined, and local retailers have watched as their online competitors have been allowed to play by a different set of rules. States’ options, however, have been limited by a 1992 Supreme Court decision — and subsequent inaction from Congress — that ruled that states can only require businesses with a physical presence in the state to collect state and local sales taxes.

Tax Day 2018: A Bonanza For Corporations And The Military

April 19, 2018 By Lindsay Koshgarian, Truthout.org Educate! Corporations, Military, Taxes

The IRS is projected to gather roughly $1.6 trillion in individual income taxes this year, and these taxes will make up almost half of the revenue of the federal government for 2017. By comparison, corporations are expected to pay $297 billion in federal income taxes. Individuals will contribute five times as much in income taxes to the federal government as corporations do. It wasn't always this way. Corporations used to pay more income taxes than individuals did. In 1943, for example, corporations contributed 40 percent of federal revenues, compared to just 9 percent today. What happened? Throughout the last half of the 20th century, individual income tax revenues kept growing. Corporate income taxes didn't keep the pace, growing much more slowly than individual income tax revenues. The corporate tax rate declined from over 50 percent in the 1950s to 35 percent as of 2017. The Trump tax plan will likely lead to a corporate income tax cut of $135 billion in 2018 alone.

Seven Surprising Tax Facts For 2018

April 18, 2018 Staff, Nationalpriorities.org Educate! Taxes, United States

In 2017, individuals and corporations were still paying taxes under the old system. The Trump tax plan that Congress passed in December 2017 hadn’t yet taken effect. In 2018, the rules have changed. The new tax plan favors billionaires and corporations, while leaving poor and middle income Americans essentially where they are. The richest one percent of Americans will receive a total of $85 billion in tax cuts in 2019, while the poorest twenty percent – one in five Americans – will receive tax cuts totaling just $3 billion. Foreign investors will benefit more from the tax cuts ($48 billion) than the bottom sixty percent (or 3 in 5) American earners ($41 billion, combined).

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