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Corporate tax reform

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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
9:35am
Fri Jul 22, 2016

Top CEOs Made Less In 2015, But They Still Earned 276 Times More Than Average Worker

CEOs at America's largest firms received an average of $15.5 million in compensation last year, meaning they earned 276 times more than the typical worker in 2015, new research shows.

The $15.5 million in average CEO compensation was down about 5 percent from 2014, when the figure was $16.3 million, and up 46.5 percent since the economic recovery began in 2009, according to the Economic Policy Institute (EPI).

"Most (83 percent) of the decline in CEO pay from 2014 to 2015 can be explained by the drop in the value of realized stock options in that period," EPI's report reads. "Therefore the decline in compensation does not reflect any structural change in how CEO compensation is set or changes in corporate governance. CEO compensation will likely resume its upward trajectory when the stock market resumes upward movement."

PI Original
by Ellyn Fortino
10:41am
Tue Aug 11, 2015

Protesters Call For A Fair State Budget Outside Home Of Rauner Campaign Donor (VIDEO)

Illinois "Moral Monday" activists protested for a "fair and just" state budget in Chicago's Uptown neighborhood and outside the Lincoln Park home of a top campaign donor for Gov. Bruce Rauner. Progress Illinois was there for the Monday evening demonstration.

PI Original
by Ellyn Fortino
3:55pm
Mon Jul 13, 2015

'Moral Monday' Activists Engage In Civil Disobedience To Protest State Budget Cuts (VIDEO)

Six "Moral Monday" activists with Fair Economy Illinois participated in civil disobedience during a Monday morning protest in Chicago against state budget cuts. The "fair-share" revenue advocates brought their protest to the downtown office building of Morningstar, an investment research firm whose CEO is a wealthy Rauner donor.

PI Original
by Ellyn Fortino
7:14pm
Mon Jun 29, 2015

'Moral Monday' Activists Protest Rauner's Proposed Budget Cuts (VIDEO)

As the budget stalemate in Springfield continues, several grassroots activists and clergy with Fair Economy Illinois participated in an act of civil disobedience during a downtown Chicago protest for "fair share" state revenue options. Progress Illinois provides highlights from the "Moral Monday" demonstration, during which seven protesters were taken into police custody.

PI Original
by Ellyn Fortino
4:42pm
Mon Jun 15, 2015

'Moral Monday' Activists Arrested While Protesting Rauner's Proposed Budget Cuts (VIDEO)

Several grassroots activists and clergy with Fair Economy Illinois participated in an act of civil disobedience during a downtown Chicago protest against Gov. Bruce Rauner's proposed budget cuts. Progress Illinois provides highlights from the "Moral Monday" demonstration, during which seven protesters were arrested and another 21 received citations.

Quick Hit
by Ellyn Fortino
5:53pm
Wed Apr 29, 2015

The High Cost Of Offshore Tax Havens On Small Illinois Businesses

If Illinois small business owners were to collectively offset state and federal revenues lost annually due to corporations using offshore tax havens, they would each have to pay $4,570 in additional taxes a year.

That what-if scenario is laid out in a recent report from the Illinois Public Interest Research Group (PIRG) examining the issue of "corporate tax haven abuse" and what it means for small businesses.

Through the use of accounting "gimmicks" to shift profits offshore, corporations avoid paying $110 billion annually in federal and state income taxes combined, according to Illinois PIRG's "Picking up the Tab" report. Specifically, about $90 billion in federal and $20 billion in state corporate income tax revenue is lost each year to tax havens, the research reveals.

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