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.
U.S. Sen. Dick Durbin (D-IL) and U.S. Reps. Luis Gutierrez (D-IL,4) and Tammy Duckworth (D-IL,8) are scheduled to attend a Monday morning roundtable discussion in Chicago on “commonsense” immigration reform.
As paid sick leave laws continue to gain traction across the United States, a recent report finds such policies to be a win-win for workers and their employers.
For its report, the Institute for Women’s Policy Research (IWPR) examined over a dozen scholarly and policy research articles covering the health, economic and social benefits of paid sick time.
“Seeing the research brought together, from a range of disciplines, makes a striking case for universal access to paid sick days as a low-cost strategy for improving health and economic well-being,” IWPR Vice President and Executive Director Barbara Gault said in a statement.
The Chicago Urban League released a 10-year blueprint Wednesday to undo structural racism in the city and create more equitable education, employment and economic development systems for African-American residents living in the most disadvantaged communities.
Chicago Urban League officials released the plan as the organization commemorates its 100th anniversary.
“Our vision is that by 2026, residents of every community area in Chicago will have access to the services and supports they need not just to succeed, but to really thrive as members of the greater Chicago community,” said Stephanie Schmitz Bechteler, vice president and executive director of the Chicago Urban League’s Research and Policy Center.
“The league’s 10-year plan is a focused effort that lays out our commitment to making racial equity a reality. When this happens, it sets the stage for a stronger African-American community and that, in turn, makes a stronger Chicago.”