Most voters agree that big corporations and the wealthy should start paying their fair share in taxes. But, of course, big corporations and the wealthy don’t want to do that. They want to pay less, and they are used to getting their way. So what do you do?
Tax season is upon us. Whether you use an online filing service or a certified public accountant or your mom still helps you fill out your taxes, here are five things you probably won’t learn from your 1040.
At a time when it seems nearly every state legislature is assaulting the rights of working families, Minnesota's House and Senate are bucking the trend and are likely to soon send Gov. Mark Dayton a series of strong pro-working family bills. According to Minnesota AFL-CIO Communications Director Chris Shields, this is the first time in 20 years the state government has been unified under one-party control, with the Democratic-Farmer-Labor Party holding the governorship and the majority in both houses of the legislature.
Leading up to Tax Day, April 15, Americans for Tax Fairness (ATF) is calling attention to 10 corporations that are dodging paying their fair share of taxes. We are releasing a set of Corporate Tax Dodger Baseball Cards because these companies are as skilled as baseball pros. Be sure to collect all 10 and see what makes these companies professional tax dodgers.
Over the past 40 years, some of the nation’s biggest and most profitable companies have not only moved America's jobs and manufacturing overseas, but by taking advantage of a U.S. tax code that encourages companies to shift their income overseas, they have cut the taxes they owe by more than half. The result, writes Jia Lynn Yang in The Washington Post,
is lower revenue here that could pay for infrastructure, education and other services that support domestic growth—and that make life easier for U.S. firms.
Holding out for ransom demands in the form of benefit cuts to Social Security, Medicare and Medicaid, Senate Republicans today again refused to surrender their hostages—the nation’s economy and working families who will be hurt by the upcoming Republican sequester.
Republicans led the charge to defeat a Democratic plan that would have eliminated the across-the-board sequestration budget cuts for the remainder of 2013, which the Congressional Budget Office has estimated would cost 750,000 jobs.
A duo of Democratic lawmakers have spent the years since the financial crisis calling for a financial transactions tax, a small fee on individual trades that would slow down markets and make them safer for investors and the country as a whole. Sen. Tom Harkin (Iowa) and Rep. Peter DeFazio (Ore.) introduced legislation that would institute the financial transactions tax again this year, after 11 European countries announced they would adopt such a tax.
A new, non-partisan study by Thomas Hungerford of the non-partisan Congressional Research Service confirms that the explosion of income inequality over the past 15 years is fueled by rapidly rising income from capital gains and dividends.
Seniors and veterans showed up at a "Fix the Debt" event in New Hampshire to tell Honeywell CEO David Cote that if he really wants to fix the debt, he should have Honeywell pay its fair share of taxes. Cote is one of a number of wealthy corporate leaders in the "Fix the Debt" coalition, which advocates for cuts to benefits like Social Security and Medicare and is pushing for lower corporate taxes. Advocates for working families and their allies point out that many of the "Fix the Debt" companies engage in loopholes to avoid paying their fair share of taxes.
In just a few weeks, the nation will be facing yet another manufactured fiscal crisis when a series of harsh across-the-board federal spending cuts in education, defense and all government operations go into effect unless Congress repeals them.
Known as “sequestration,” economists say these cuts would imperil the fragile economic recovery and cost as many as 1 million of America's workers their jobs. Yet Republicans are making threats to let those cuts take effect on March 1 unless Social Security, Medicaid and Medicare benefits are cut or drastic cuts are made to vital services.