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.
Members of Fair Economy Illinois took aim at corporate “tax dodgers” during a Monday afternoon protest outside Exelon’s Chicago offices. Activists danced the Electric Slide in the street, and 10 protesters were ultimately arrested after they sat down in a downtown intersection and refused to move.
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.
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.”
Controversy over former Illinois congressman Joe Walsh’s incendiary tweets posted last Thursday after the deadly sniper attack on Dallas police officers has spilled over into the state’s 66th House District race.
The Democrat in the race, Nancy Zettler, is calling on her Republican opponent, Allen Skillicorn, to disavow Walsh’s “hate-filled statements.”
Walsh has faced backlash for a now-deleted tweet that threatened “war” on President Barack Obama and the Black Lives Matter movement.
As the long-running state budget impasse continues in its eleventh month, activists with Fair Economy Illinois are set to unveil their “People and Planet First Budget” blueprint during a downtown Chicago protest Monday.