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Economic Policy Institute

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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
3:45pm
Thu Nov 3, 2016

Report: Racial, Class Inequality A 'Dual Penalty' On Black Workers' Wages

Wage growth among African-American workers has taken a double hit since 1979 due to the growing black-white wage gap and overall wage stagnation, according to a new paper from the Economic Policy Institute. 

The left-leaning think tank finds that median hourly wages for black workers "could be 87 percent higher in the absence of racial and class inequality."

Researchers examined the 1979 to 2015 time period, during which "overall median wages did not track productivity growth and racial wage gaps did not close, but instead widened."

"This kept wage growth for black workers much, much lower than it would have been otherwise," the report adds.

PI Original
by Ellyn Fortino
2:34pm
Thu Oct 27, 2016

White House Encourages States To Ban Non-Compete Agreements, Illinois Attorney General Agrees

The Obama administration is urging states to ban unnecessary non-compete agreements that can hinder wage growth and labor market competition. Illinois Attorney General Lisa Madigan, who has been active in the push to limit improper non-competes, commended the White House's call to action.

PI Original
by Ellyn Fortino
1:20pm
Mon Oct 10, 2016

African Americans Make Less Than Whites At All Education Levels, Report Finds

New research from the Economic Policy Institute shows that African-American workers earn less than their white counterparts regardless of educational attainment. Progress Illinois looks at the report and gets reaction from the Chicago Urban League.

Quick Hit
by Ellyn Fortino
4:16pm
Fri Sep 23, 2016

Report: Income Inequality Is Worse For Black Workers Today Than In 1979

Racial wage gaps are wider today than in 1979 due largely to discrimination and growing income inequality, according to new research from the Economic Policy Institute.

The average wage gap between black and white workers was 18.1 percent in 1979, with the gap widening to 26.7 percent in 2015, the left-leaning think tank reports.

Rutgers University economist William M. Rodgers III co-authored the report with Valerie Wilson, director of EPI's Program on Race, Ethnicity and the Economy.

"We've found that racial wage gaps are growing primarily due to discrimination -- and other unmeasured and unobserved characteristics-- along with rising inequality in general," Rodgers said. 

PI Original
by Ellyn Fortino
1:53pm
Tue Sep 13, 2016

Census Bureau: Poverty, Household Income & Health Insurance Coverage Improved Last Year

Progress Illinois breaks down new Census Bureau figures, which showed "superb" income growth and significant drops in the poverty and uninsured rates.

Quick Hit
by Ellyn Fortino
6:29pm
Thu Aug 4, 2016

Experts: Financial Transaction Tax A 'Win-Win For U.S. Economy'

A financial transaction tax would help Wall Street work for Main Street, experts at the left-leaning Economic Policy Institute (EPI) argue in a new report.

In light of the Democratic Party endorsing a financial transaction tax in its platform, EPI's report details how much revenue such a policy could raise, putting the figure anywhere between $110 billion to $403 billion annually.

The tax would impose a small levy on trades of stocks, bonds, derivatives and other financial transactions.

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