Taxes

Financial Transaction Tax: Make Wall Street Work For Main St.

August 2, 2016 Josh Bivens and Hunter Blair, www.epi.org Create! Finance, Taxes, Wall Street

By Josh Bivens and Hunter Blair for EPI - What this report finds: A well-designed financial transaction tax (FTT)—a small levy placed on the sale of stocks, bonds, derivatives, and other investments—would be an efficient and progressive way to generate tax revenues. Gross revenues from a well-designed FTT would likely range from $110 billion to $403 billion. And net revenues (including offsets from reduced income, payroll and capital gains taxes, and increased borrowing costs) would likely be substantially higher than some other recent estimates indicate.

A Wealth Tax Can Make The Country Richer

August 2, 2016 Noah Smith, www.bloomberg.com Educate! Taxes, wealth inequality

By Noah Smith for Bloomberg View - Standard economic theory says that taxation reduces productivity. If you tax income, you reduce the incentive to work. If you tax capital gains, you reduce the incentive to invest, and so on. When you discourage useful economic activity, the economy becomes less efficient. But what if it were possible to impose taxes in a way that alsoincreased productivity? That’s the promise of a clever new theory by economists Daphne Chen, Fatih Guvenen, Gueorgui Kambourov and Burhanettin Kuruscu.

Call On Congress To End $4 Billion Annual Oil Industry Subsidies

July 19, 2016 Sharon Kelly, www.desmogblog.com Resist! Oil & Gas, Student Debt, Subsidies, Taxes

By Sharon Kelly for Desmog - In an open letter sent to Congress today, a coalition of 40 national taxpayer, labor, environmental and other groups called on the federal government to repeal almost $4 billion in annual tax breaks for the oil and gas industry, calling them wasteful and lambasting Congress for subsidizing activities that will make climate change worse. The groups called on Senators to support the FAIR Energy Policy Act, which would slowly phase out nine special tax breaks for the fossil fuel industry.

IRS Still Unrestrained On Asset Seizures Despite Deal

June 30, 2016 Fergus Hodgson, www.taxrevolution.us Educate! IRS, Taxes

By Fergus Hodgson for Tax Revolution Institute - Since 2014, the Internal Revenue Service has ceased confiscating the property of innocent individuals. Or have they? No one wants to throw cold water on the party, especially when it comes to a victory over the IRS. However, an exclusive interview with Attorney Robert Everett Johnson of theInstitute for Justice (IJ) reveals how little the tax-collection agency has conceded with their policy updates.

The Growing Case For Massive Taxes On The Rich

June 21, 2016 Paul Buchheit, www.nationofchange.org Educate! Ruling Class, Taxes

By Paul Buchheit for Nation of Change - While candidates bicker and Congress stagnates and the rest of us dwell on the latest shooting tragedy, the super-rich enjoy the absence of attention paid to one of our nation’s most destructive issues. The richest Americans are takers of social benefits. Yet they complain about paying 12%to 20% in taxes, even as respected researchers estimate an optimal revenue-producing rate of 80% to 90%, and even with the near-certainty that higher marginal tax rates will have no adverse effects on GDP growth.

Will Taxpayers Foot Cleanup Bill For Bankrupt Coal Companies?

May 23, 2016 Patrick McGinley, www.theconversation.com Educate! Coal, Taxes

By Patrick McGinley for The Conversation - Coal’s share of the U.S. energy market is rapidly plunging. Low-cost fracking-generated natural gas has overtaken the use of coal at America’s power plants. Impending implementation of the Obama administration’s proposed Clean Power Plan, which would place stringent regulations on coal-fired power plant emissions, has also helped to drive coal production to its lowest level in decades. Government sources predict further decline. Fifty U.S. coal companies have filed for bankruptcy since 2012.

Hawai‘i Provides Landmark Tax Credit For Organic Farmers

May 7, 2016 Staff, www.centerforfoodsafety.org Create! Hawaii, Organic, Taxes

By Staff of Center For Food Safety - Hawai‘i lawmakers hope to strengthen and expand the state’s organic farming sector after passing unprecedented legislation that would allocate $2 million in state-funded tax credit for certified organic food production (House Bill 1689 CD 1). The state-funded tax credit is the first of its kind in the United States, and is designed to complement existing federal programs that help organic farmers overcome the financial barriers of certification.

Inequality Will Get Worse Until There’s A Revolution

May 1, 2016 Bob Lord for Other Words, www.otherwords.org Educate! Taxes, wealth inequality

By Bob Lord for Other Words. Imagine, after a deep sleep, you suffered the fate of Rip Van Winkle and woke in the spring of 2040. What might you find? Among other things, maybe a presidential candidate railing against America’s concentration of wealth. Except this time, it’s not the 1 percent that owns as much wealth as the bottom 90 percent — it’s the top hundredth of a percent. Could it get that bad? Yes, quite easily. In fact, that nightmare is already on the way. To see this better, take a step back in time. If you woke up 24 years ago, you could hear candidate Bill Clinton lamenting the fact that the top 1 percent owned as much wealth as the bottom 90 percent. Today, as anyone who’s heard Bernie Sanders give his stump speech knows, it’s the top tenth of 1 percent who owns that much.

College Could Be Free In America If Corporations Paid Reagan-Era Taxes

April 23, 2016 Shahien Nasiripour, www.huffingtonpost.com Create! College, Corporations, Taxes

By Shahien Nasiripour for The Huffington Post - If corporations paid the same tax rate as they did under Ronald Reagan, governments in the U.S. would have enough money to fund prekindergarten for every 4-year-old in America and higher education for every American attending public colleges and universities, according to a Huffington Post review of government data. Corporations paid an effective tax rate of 31.7 percent on average during Reagan’s eight years in the White House, according to Commerce Department figures that measure corporate profits and taxes paid to local, state, federal and foreign governments.

Paying CEOs Lots More Than Uncle Sam

April 17, 2016 Scott Klinger, www.inequality.org Educate! Corporate Welfare, Corporations, Taxes

By Scott Klinger for Inequality.org. Top U.S. corporations are still in the process of reporting their 2015 CEO compensation, but filings to date reveal that more than 60 Fortune 500 corporations have paid their CEOs more than they paid in federal corporate income taxes. “These companies reflect the rampant practice among large U.S. corporations of avoiding taxes, leaving ordinary American families to pick up the tab.” HP Inc. (formerly Hewlett Packard), for example, pulled in $3.87 billion in federal contracts in 2015. Yet the company paid no taxes on its $373 million in U.S. pre-tax profits and instead claimed $324 million in tax rebates from the IRS. The company paid its CEO, Meg Whitman, $17.1 million last year.Five of these firms stand out as recipients of major government contracts and bailouts. In other words, they’re double-dipping — taking taxpayer support while stiffing Uncle Sam at tax time.

New Report: Profitable U.S. Corporations Pay No Federal Income Taxes

April 15, 2016 Andrew Emett, www.nationofchange.org Educate! Corporations, Taxes

By Andrew Emett for Nation of Change - Requested by Sen. Bernie Sanders, the Government Accountability Office (GAO) released a report on Wednesday revealing that at least two-thirds of active U.S. corporations paid zero federal income taxes between 2006 and 2012. The report also found that large, profitable corporations only paid 14% of their profits in federal income taxes on average from 2008 through 2012, while approximately one-fifth of them paid nothing at all.

50 Corporations Hide 1.4 Trillion Off-Shore, Avoid $100 Billion In Taxes

April 15, 2016 Staff, www.oxfamamerica.org Educate! Corporations, Tax Evasion, Taxes

By Staff of By Oxfam - Oxfam's recently released "Broken at the Top" report outlines how the top 50 US companies use offshore tax havens and other aggressive and secretive schemes to stash profits and dramatically lower their corporate tax rates in the United States. The companies, which made nearly $4 trillion in profits globally between 2008 and 2014, paid an average effective tax rate of just 26.5 percent— well below the statutory tax rate of 35 percent in the US and also well below the tax rate of an average US worker of 31.5 percent.

Panama Papers’ And The Shadow World Of Finance

April 12, 2016 James S. Henry, John Christensen, and Nick Mathiason, www.taxjustice.net Educate! Ruling Class, Tax Evasion, Taxes

By James S. Henry, John Christensen, and Nick Mathiason for Tax Justice Network - On Monday, April 11, 2016, on Clearing The FOG Radio, Margaret Flowers and Kevin Zeese discussed the release of the ‘Panama Papers’ which provide a glimpse of the secret world of shell companies used by the rich to hide their wealth and avoid paying taxes. We explore what’s going on with James Henry of the Tax Justice Network and Chuck Collins of the Institute for Policy Studies. It is time for Congressional action to ensure tax justice and stop the hiding of trillions of dollars of individual and corporate wealth in "offshore" accounts...

National Consensus For Transformational Change: Action Needed

April 10, 2016 Robert Weissman, www.huffingtonpost.com Strategize! Banking and Finance, Citizens United, Corporate tax, Democracy, Food and Agriculture, GMOs, Healthcare, Inequality, Social Security, Taxes, Wages

By Robert Weissman for Huffington Post. Americans overwhelmingly agree on a wide range of issues. They want policies to make the economy more fair and hold corporate executives accountable. They want stronger environmental and consumer protections. And they want to fix our political system so that it serves the interest of all, not just Big Money donors. These aren’t close issues for Americans; actually, what’s surprising is the degree of national consensus. The problem isn’t that Americans don’t agree. The problem is that the corporate class doesn’t agree with this agenda, and that class dominates our politics. Because this reality runs so counter to the dominant media story, it’s worth diving into the numbers to get a sense of the vast divide between conventional wisdom and empirical data.

Wall Street Should Pay A Sales Tax, Too

April 7, 2016 Sarah Anderson, www.otherwords.org Create! Ruling Class, Taxes, Wall Street

By Sarah Anderson for Other Worlds - In case there was any doubt, the presidential election fight has confirmed that blasting Wall Street, even eight years after the financial crisis, is still a vote-getter. Hillary Clinton has said she’d like to jail more bankers. Donald Trump has skewered the hedge fund managers who are “getting away with murder.” And Bernie Sanders has made Wall Street accountability a centerpiece of his campaign.

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