Explore our content

All types | All dates | All authors
Americans for Tax Fairness
Quick Hit
by Ellyn Fortino
4:30pm
Fri Nov 4, 2016

U.S. Multinational Companies Owe $700 Billion In Taxes On Offshore Profits, New Research Shows

American multinational corporations are apparently dodging nearly $700 billion in U.S. taxes they owe on profits stockpiled offshore, according to a new "corporate tax chartbook" from Americans for Tax Fairness (ATF) and the Economic Policy Institute (EPI).

Last year, Fortune 500 companies had $2.4 trillion in untaxed offshore profits, on which they owe up to $695 billion in U.S. taxes, the analysis found.

"Corporations have not paid any U.S. taxes on these profits because our tax system lets them defer paying taxes until that income is brought back to the U.S. parent corporation (i.e., repatriated)," the report states.

This deferral process costs the U.S. Treasury roughly $126 billion annually or $1.3 trillion over a decade. 

Quick Hit
by Ellyn Fortino
1:41pm
Fri May 8, 2015

Report: Despite Walmart's Pay Hike, Employee Wages Will Still Cost Taxpayers Money

Even though Walmart has moved to increase employee wages, new data shows that the company's workers will still cost U.S. taxpayers a pretty penny to make up for the dismal earnings they bring home from working for the retail giant.

Last year, Americans for Tax Fairness issued a report stating that U.S. taxpayers pick up a $6.2 billion tab annually to cover public aid expenses for Walmart workers earning low wages.

That report came months before Walmart announced in February that 500,000 of its full- and part-time U.S. workers would be getting a wage hike. The hourly minimum wage for Walmart employees went up to $9 in April and will increase to $10 by February 2016.

In light of Walmart's new wage policy, Americans for Tax Fairness re-examined the taxpayer subsidy issue.

"Even after Walmart's planned wage increases are fully implemented, large taxpayer subsidies will still be required to compensate for Walmart's low wages," the group concludes in its newest report.

Quick Hit
by Ellyn Fortino
2:53pm
Thu Jul 24, 2014

Chicagoans Push Back Against Walgreens' Potential Tax Inversion (VIDEO)

Tax fairness activists delivered 70,000 petition signatures to a downtown Chicago Walgreens store Thursday, calling on the nation’s largest pharmacy chain to remain a U.S company and pay its "fair share of taxes."

It is rumored that Deerfield-based Walgreen Co. is considering plans to reincorporate itself offshore in Switzerland, a "tax haven," through a maneuver called a corporate tax inversion. Such a move could reportedly cost U.S. taxpayers $4 billion in lost tax revenue over a five-year period.

Quick Hit
by Ellyn Fortino
5:21pm
Tue Jun 17, 2014

Report: Walmart Received $104 Million Taxpayer Subsidy For Executive Pay

recent report reveals that Walmart raked in taxpayer subsidies totaling $104 million for its executive pay over the past six years at the same time many of the retailer'slowest-paid workers have had to rely on public assistance to meet their basic needs.

Taxpayers subsidized the pay for top Walmart officials due to what critics say is a loophole that allows unlimited corporate tax write-offs on performance-based compensation for executives.

Quick Hit
by Ellyn Fortino
6:09pm
Wed Jun 11, 2014

Tax Fairness Groups Rally Against Walgreen's Potential $4 Billion Tax Dodge (VIDEO)

Tax fairness activists rallied outside of the Walgreens downtown Chicago flagship store Wednesday morning in protest of possible plans by the nation's biggest pharmacy chain to move its corporate address from Illinois to Switzerland, a "tax haven."

Toting signs reading "Walgreens, don't shortchange America," about 20 activists called on Deerfield-based Walgreen Co. to remain an Illinois company and drop a potential plan to reincorporate itself offshore through a maneuver called a "corporate tax inversion." The move could cost U.S. taxpayers $4 billion in lost tax revenue over a five-year period, shows a new report released ahead of today's protest by Americans for Tax Fairness and Change to Win Retail Initiatives.

"If Walgreens relinquishes Illinois roots by becoming a Swiss company, it will not only be a betrayal of the people of the great state of Illinois, it will undermine critical taxpayer-funded services that we all rely on," stressed William McNary, co-director of Citizen Action/Illinois. "If Walgreens moves it corporate address offshore, it will still take advantage of all the benefits it gets from operating in America. It will still get the $72 billion in annual sales that we give them every year. It will still get the $16 billion that we as taxpayers give them for Medicare and Medicaid."

Quick Hit
by Ellyn Fortino
9:45pm
Wed Apr 24, 2013

Tax Fairness Advocates Call For An End To Corporate Tax Deferral

It's time for the public to "tap into their anger" and rally against tax loopholes that allow big U.S. corporations to dodge their fair share of American taxes by stashing profits in offshore havens, said leaders from Citizens for Tax Justice and Americans for Tax Fairness.

Congress is currently entertaining a number of tax reform proposals that seek to lower corporate taxes and provide incentives for sending jobs and profit centers offshore, putting billions of tax dollars at stake over a 10-year period, Frank Clemente, campaign manager of Americans for Tax Fairness, said on a conference call with reporters.

The current debate on tax reform comes at a time when corporate profits are at a 60-year high, yet "some of these companies are paying less in taxes than you and I as individuals pay," Clemente said.