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Corporate tax disclosure
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
4:37pm
Thu Sep 25, 2014

Chicagoans Urge Emanuel To Support Corporate Tax Transparency Ordinance (VIDEO)

Chicagoans protested at Mayor Rahm Emanuel's office Thursday morning for corporate tax transparency.

At City Hall, activists with the regional community advocacy group IIRON urged Emanuel to support a long-pending ordinance that would require all publicly-traded corporations seeking subsidies or contracts from the city to publicly disclose the amount they pay in Illinois income taxes and any tax breaks they receive.

Big corporations asking for city actions, subsidies and contracts would also have to report net and taxable income under the proposed Chicago Corporate Responsibility and Tax Disclosure Act, which Ald. Will Burns (4th) introduced last November. Since then, the proposed ordinance, which has 12 co-sponsors, has been stuck in the Finance Committee, chaired by powerful Ald. Ed Burke (14th).

"Resources have been cut, and cut again, as we are told that we are in a 'budget crisis,'" said IIRON member Maria Alicia Ibarra of Bridgeport's First Lutheran Church of the Trinity. "At the same time, it is not clear (whether) corporations making record profits are paying their fair share to the common good ... Show us the money. Give us transparency."

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
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
1:53pm
Wed Nov 20, 2013

Ald. Burns Introduces Chicago Corporate Tax Disclosure Ordinance

Ald. Will Burns (4th) wants all publicly-traded corporations seeking subsidies or contracts from the city of Chicago to publicly disclose the amount they pay in Illinois income taxes as well as any tax breaks they receive. 

Burns introduced the Chicago Corporate Responsibility and Tax Disclosure Act at Wednesday's city council meeting. Under the proposed measure, big corporations asking for city actions, subsidies and contracts would also have to report net and taxable income.

Alds. Pat Dowell (3rd), Leslie Hairston (5th), Roderick Sawyer (6th), Natashia Holmes (7th), Toni Foulkes (15th), Ricardo Munoz (22nd), Deb Mell (33rd), Michele Smith (43rd), James Cappleman (46th), Ameya Pawar (47th), Harry Osterman (48th) and Joe Moore (49th) have signed on as co-sponsors to the measure thus far. Leaders with the Fair Economy Illinois coalition are also in support of the proposed ordinance, which has been sent to the Finance Committee.

"We are increasingly turning into a society, which in the words of Martin Luther King, Jr. takes necessities away from the many and gives luxuries to the few," Fair Economy Illinois leader Rev. Marlan Branch of St. James AME Church said before Wednesday's council meeting. "The city of Chicago spends millions of dollars each year subsidizing and contracting with big corporations. Those corporations have a particular responsibility to support the common good, which should include publicly disclosing the corporate income tax they pay to the state of Illinois."

PI Original
by Ellyn Fortino
2:53pm
Wed Nov 6, 2013

A Look At The Fall Veto Session: What's Happened & What's Next (UPDATED)

Progress Illinois provides a roundup of the highlights from the fall veto session, and offers a look at what might be next.

PI Original
by Ellyn Fortino
4:14pm
Fri Sep 27, 2013

State Hearing Reignites Debate Over Corporate Tax Disclosure In Illinois

Corporate tax disclosure in Illinois was the subject of a state hearing held in Chicago Friday, which attracted about 100 supporters. Progress Illinois was there for the hearing.

Quick Hit
by Matthew Blake
6:01pm
Tue Dec 4, 2012

Corporate Tax Disclosure Bill Could Trigger Lawsuit

Illinois may soon require publicly traded companies to reveal their state income tax payments online.

Supported by community organizations such as the Lakeview Action Coalition that often call for corporate tax reform, Senate Bill 282 may be politically feasible after an election that saw Democrats gain super majorities in both the Illinois House and Senate.