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.
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.
Chicago Ald. Scott Waguespack (32nd) says he thinks he has solved the city’s budget for next year.
“We’ll just add an additional tax on every item that the Cubs sell this season,” Waguespack joked Thursday during a City Club of Chicago panel discussion on the city’s 2017 budget.
“I’ve never seen so many people wearing Cubs gear, not only in Chicago but just nationwide,” the alderman said. “It’s a good thing to see a team doing so well, because it does add to the bottom line. It adds to Chicago’s stature at a time when things are pretty difficult, when we see so much increase in crime and violence throughout our city, that we can have one thing to look at and say this is a good thing.”