A new report from Americans for Tax Fairness, How Walmart is Dodging Billions in Taxes: And Scheming to Avoid Billions More, details the ways that Walmart avoids paying $1 billion in taxes a year and is spending massive amounts of money so it can pay even less in taxes. The largest retailer in the country is owned by the richest family in the country and faces constant criticism for paying workers wages so low that many of its employees can't make ends meet.
The Economic Policy Institute (EPI), the Center for Effective Government and Citizens for Tax Justice (CTJ) have released important research about the economy in the past few weeks. Here's a look at some of their key findings....
House Republican leaders passed Rep. Paul Ryan’s budget this week by a vote of 219 to 205, with no Democrats voting in favor. The Ryan budget is chock full of so many terrible ideas that it’s hard to single out the biggest stinkers, but here goes.
Apple CEO Tim Cook is appearing before the Senate Permanent Subcommittee on Investigations today to answer charges that his company has avoided paying billions of dollars in taxes through the use of overseas tax shelters and loopholes in the corporate tax code. An investigation by the subcommittee found that Apple has shifted tens of billions of dollars of two subsidiaries in Ireland, while claiming that neither subsidiary is a tax resident of any country.
In just about any small town that has lost a big factory, you'll hear it was the union's fault. I live in Mayfield, Ky., population about 10,000. A big Continental General Tire plant was our factory. It’s been gone for a half-dozen years.
A new report from the U.S. Public Interest Research Group (PIRG) reveals that state governments lost $39.8 billion in revenues because corporations and wealthy individuals are using offshore tax havens to avoid paying their statutory tax rates. We've seen the devastating effects that offshoring jobs have had on America's workers, and offshoring has long been talked about in terms of lost federal revenue, where $150 billion a year goes unpaid, but little focus has been given to state losses from the practice.
When you hear anyone from the big multinationals or Wall Street using the word “reform,” watch out! The way they use the word, it means give them more and We, the People, get less. They want to “reform” Social Security, “reform” Medicare and “reform” the income tax code. And now they want to “reform” the taxes corporations pay on money made outside the United States. It’s like “reforming” an oak tree with an ax.
We've reported for several months now the "Fix the Debt" group is a Trojan horse. It cynically calls for cuts to Social Security, Medicare and Medicaid benefits (in the name of "deficit reduction") while advocating for lower taxes for corporations and businesses that ship jobs overseas.