The Truth About Taxes
In this cross-post from Our Fiscal Security, Tamara Draut, vice president of Policy & Programs at Demos, gives us a quick list of the top 10 tax stats.
In this cross-post from Our Fiscal Security, Tamara Draut, vice president of Policy & Programs at Demos, gives us a quick list of the top 10 tax stats.
As part of the Tax Day: Make Them Pay mobilization, the AFL-CIO community affiliate Working America is urging people to tell Congress to close the corporate tax loopholes that allow companies like ExxonMobil to rake in $19 billion in profits in 2009 and yet pay no federal income taxes—and instead, get a $156 million rebate from the Internal Revenue Service (IRS). You can tell these corporate tax scofflaws to pay up—click here.
April 18 is the day this year we do our civic duty and pay taxes. But while you and I pay our fair share, some billion-dollar corporations do not.
Just in time for April 15, new data shows that since 1979, the nation’s overall average tax rate—the share of income paid in taxes—has fallen slightly, but for those at the top of the earnings ladder, this share has fallen dramatically. The analysis by the Economic Policy Institute (EPI) also points out:
At the same time that the tax burden has shifted away from the wealthy, this same top income group has enjoyed massively disproportionate income gains. Between 1992 and 2007, a time in which income for the average household and top one percent grew 13 percent and 123 percent, respectively, the income for the top 400 households grew fully 399 percent.
We’ve reported on the right-wing extremist billionaire brothers David and Charles Koch from their Palm Springs summit meeting with like-minded CEOs and politicians to their heavy support and influence on Wisconsin Gov. Scott Walker (R).
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.
The improved jobs figures out last Friday obscured the ongoing decline in public-sector jobs. As the U.S. Bureau of Labor Statistics noted when releasing the March unemployment data:
Employment in local government continued to trend down over the month. Local government has lost 416,000 jobs since an employment peak in September 2008.
The top six executives of the two mortgage giants, Fannie Mae and Freddie Mac, received a combined total of $35.4 million during 2009 and 2010. According to a newly issued report by the inspector general of the Federal Housing Finance Agency, the CEOs of both companies alone were paid a shocking $17 million over the past two years.
Mariya Strauss, media coordinator for the International Labor Communications Association (ILCA), sent us this report.
Today’s jobs—especially in the hotel and restaurant industries—”don’t fit today’s workforce,” said Joan Williams, president of the Center for Worklife Law at the University of California/Hastings. Restaurants and hotels typically employ low-wage workers with “just-in-time” personal schedules, meaning the workers’ reliance on family members for child care and their need to care for elders who need medications at certain times often clash with their employers’ habits of scheduling them differently from week to week and day to day.
The NFL team owners are sitting on a $4 billion war chest. Yet they are attacking not only the players, but their most vulnerable employees as well: concession stand sellers, groundskeepers and office staff.