Corporate taxes–or more succinctly corporate tax avoidance–has grabbed some big headlines recently starting with The New York Times report that GE, with worldwide profits of $14.2 billion, didn’t pay a dime of U.S. tax in 2010, but got $3.2 billion tax benefit. All legit and all because of corporate tax loopholes companies like GE have lobbied hard to put in place.
Michigan Gov. Rick Snyder (R), who earlier this year cut corporate taxes by 86 percent while boosting taxes for working families, yesterday signed a bill into law that cuts state unemployment benefits from 26 weeks to 20.
Rep. Jan Schakowsky (D-Ill.) introduced legislation today that would add fairness to the nation’s tax system by ensuring that millionaires and billionaires pay their fair share.
If new House Budget Committee Chairman Rep. Paul Ryan (R-Wis.) gets everything on his budget-cutting wish list, it would be, says a new analysis from the Economic Policy Institute (EPI):
a massive transfer of wealth from the middle class to wealthy Americans and corporations and a wholesale dismantling of the social programs that all Americans rely on, including Medicare and Social Security.
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