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Taxes

Our Walmart Delivers $7.8 Billion Tax Bill To Walmart

April 16, 2014 OUR Walmart, www.http://forrespect.org/ ,
Walmart workers and taxpayers in Phoenix delivered a $7.8 billion tax bill to Rob Walton, Walmart Chairman, in reaction to the news that the country’s largest retailer and richest family received an estimated $7.8 billion in tax breaks and subsidies in 2013. A report released yesterday by Americans for Tax Fairness showed how Walmart and the Waltons dodged taxes, exploited loopholes and took advantage of taxpayer subsidies, while many of its workers were forced to rely on taxpayer-funded programs like food stamps and Medicaid. The taxpayers hand-delivered the bill to Walton’s home in Paradise Valley, outside Phoenix. “Like most Americans, I work hard, pay my taxes and play by the rules. Why can’t America’s richest family do the same?” said Venanzi Luna, a Walmart worker who undersigned the bill. “Our economy is out of balance and workers are struggling because people like the Waltons don’t pay their fair share.” Walmart made a $16 billion profit in 2013, and the six Walton heirs, who own more than 50 percent of Walmart shares, saw their wealth grow to $148.8 billion—more wealth than 49% of American families combined.

US Companies Hoarding Trillions Of Dollars Overseas

April 2, 2014 Matthew O'Brien, www.theatlantic.com ,
There's a lot of cash on the sidelines, but those sidelines aren't in the U.S. They're overseas—in tax shelters. According to a new report from ISI Research, U.S. S&P 500 companies now have $1.9 trillion parked outside the country. Now, some of that is just multinational corporations profits overseas—yada, yada, yada, globalization. But a big part of it is tax avoidance. Tech and healthcare companies in particular have created byzantine systems of subsidiaries to channel earnings from high-tax to low-tax jurisdictions. Apple, as you might recall, figured out how to legally avoid paying any corporate income tax anywhere on its $30 billion of overseas profits. It set up Schrödinger's shell company: an Irish subsidiary that didn't owe Irish taxes because it was managed and controlled from the U.S., but didn't owe U.S. taxes because it was incorporated abroad.

People Are Protesting Twitter’s Massive Tax Breaks

February 16, 2014 David Zlutnick, http://truth-out.org , , ,
SEIU Local 1021, which represents 13,000 city and county of San Francisco workers, brought out hundreds of its members to march on the headquarters of Twitter. The company was targeted because of an exceptionally generous tax break it receives from the city for locating its offices in the Mid-Market area. These tax breaks added up to $55 million in 2013 alone, according to the San Francisco Chronicle and are expected to be even greater this year. Meanwhile, Local 1021 says its members - city employees - are being pressured to make concessions at the bargaining table, most notably in the amount they have to contribute toward health care costs for them and their families, because the city is running at a deficit. "As the city claims a deficit, corporations continue to get a free pass while services are being affected and unjustified health care costs are passed on to public and family budgets," says Larry Bradshaw, vice president for SEIU Local 1021 and paramedic with the fire department.

Obama’s SOTU Tax Proposal Not That Great

February 3, 2014 Staff, www.ctj.org ,
Here’s the uncomfortable truth: A lot of the corporations doing business in the U.S. already are paying little or nothing in taxes, as demonstrated by CTJ’s 2011 study of consistently profitable Fortune 500 corporations – a study that examined the U.S. taxes paid on the corporations’ U.S. profits. Even for those companies that do pay a reasonable effective tax rate in the U.S., there is no real economic evidence that lowering their tax rate will lead to economic growth for America. In fact, the U.S. corporate tax is far lighter than the corporate taxes imposed by other countries. According to the Department of the Treasury and the Congressional Budget Office, federal corporate tax revenue in the U.S. was equal to 1.2 percent of our economy in 2011 (1.5 percent if you include state corporate taxes). The average for other OECD countries (which include most of the developed countries) in 2011 was 2.9 percent.

Obama Fails To Address Roots Of Income Inequality

January 29, 2014 Jessica Desvarieux, www.therealnews.com , ,
It's important that we restore the minimum wage. We're not talking about raising it. We're talking about restoring it. Back in the mid '60s, it was almost $11 an hour. And education is certainly very important and too much neglected in this country. We put huge barriers to bright but poor and middle-class children getting first-rate educations, especially at college. But we have much more fundamental problems than that. Many of these problems involve things like government rules that hardly anybody knows about that take money from the many and redistribute it to the few, the use of tax dollars to build factories, office buildings, and shopping malls, the rules that allow multinational corporations--not domestic, not mom-and-pop corporations, but multinational corporations-- to actually profit off their corporate income taxes by delaying payment of them for 30, 40, 50 years and having you and I let them deposit that money with the government to collect interest while the value of the tax they owe erodes.

How Universal Will de Blasio’s Universal Pre-K Be?

January 14, 2014 Amy Rothschild, www.hechingerreport.org , ,
In his inaugural address, de Blasio restated his pitch for universal pre-K. “We will ask the very wealthy to pay a little more in taxes so that we can offer full-day universal pre-K . . . And when we say ‘a little more,’ we can rightly emphasize the ‘little.’” Hoping to assuage fears of Robin Hood-style banditry, he proposed wealthy people pay what he said amounts to “about the cost of a small soy latte at your local Starbucks.” Americans are used to hearing how much child welfare their spare change can buy, usually from charitable organizations. Why did a leading progressivepopulist make this latte appeal? The only thing bolder than suggesting wealthy taxpayers fund early childhood education for the poor is suggesting they might send their kids, too.

900 Weathiest Finished Paying Social Security Tax On Jan 2

January 5, 2014 Staff, www.rt.com , , ,
A small, elite group of US citizens has already met their 2014 financial obligation for Social Security two days into the New Year, and will no longer be required to contribute any of their income to the federal program. Nearly all working Americans will continue to pay the social security tax through the duration of 2014. The 900 wealthiest, however, have fulfilled their responsibility for the whole year on Thursday by earning $117,000 – the maximum total social security is allowed to take from an individual income each year - on the first and second days of the month. Teresa Ghilarducci, an economics professor at the New School for Social Research, wrote that if everyone eligible paid all year long, “the Social security system would be solvent indefinitely and they still would be the richest and prettiest in all the land.”
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