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.
Chicago-area social service providers that offer transit assistance to their clients want some relief from the financial and administrative challenges they claim to face when using Ventra, the regional fare-payment system.
Fifty-three social service providers, funded by multiple city of Chicago and Cook County agencies, participated in CJC’s survey about their experiences with Ventra. The providers operate various programs, including workforce initiatives, and serve youth, the homeless and other individuals in need, according to CJC.
Experts from the Economic Policy Institute (EPI) argue that the U.S. economy could well afford a federal minimum wage increase to $12 an hour by 2020 — a proposal that could impact nearly 38 million workers.
EPI researchers make their case for a $12 minimum wage in a report released Thursday, the same day the new “Raise the Wage Act” was introduced to Congress by U.S. Sen. Patty Murray (D-Washington) and U.S. Rep. Bobby Scott (D-VA,3).
Under the Raise the Wage Act, the federal hourly minimum wage would go up gradually from the current figure of $7.25 to $12 by 2020. Raise the Wage Act proponents are taking to social media Thursday afternoon for a “Twitterstorm” using the hashtags #RaiseTheWage, #12by2020 and #1FairWage.
“If you go to work and work hard for 40 hours a week, you should not be living in poverty in America,” said U.S. Dick Durbin (D-Illinois), who joined Murray and Scott in introducing the bill. “The Raise the Wage Act will increase wages for 38 million workers — more than one in four — and lift millions out of poverty. In Illinois alone, 1.6 million workers — 28 percent of the state’s workforce — will see an average increase in wages of $3,200 a year. That helps families get off government support programs and give them more money to spend and put back into our economy.”