Tag Archives: corporate taxes

Report Exposes US Corporations That Pay Their Execs More Than They Pay in Taxes

“Both kinds of corporate misbehavior—underpaying taxes and overpaying executives—ultimately make working families the victim through smaller paychecks and diminished public services.”

By Jake Johnson. Published 3-13-2024 by Common Dreams

*Elon Musk at TED2013: The Young, The Wise, The Undiscovered. Wednesday, February 27, 2013, Long Beach, CA. Photo: James Duncan Davidson*

Top executives at dozens of major, profitable U.S. businesses received more in total compensation in recent years than their companies paid in federal taxes, underscoring the twin outrages of skyrocketing CEO pay and rampant corporate tax dodging.

A report published Wednesday by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) identifies 35 profitable U.S. corporations that paid their top executives more than they paid the federal government in taxes between 2018 and 2022. The list of companies includes Ford, Netflix, NextEra Energy, and Tesla—whose CEO, Elon Musk, is the richest man in the world.

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Biden 2025 Budget Would Offer ‘Welcome Relief,’ But Not Enough

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One expert said that enacting his reforms “will begin to reverse the 40-year one-way ratchet of falling taxes for the wealthy and corporations and instead invest in workers and families.”

By Jessica Corbett. Published 3-11-2024 by Common Dreams

*Photto: U.S. Secretary of Defense/flickr/CC*

On the heels of delivering the latest State of the Union speech and signing a package of funding bills, U.S. President Joe Biden on Monday unveiled his budget blueprint for fiscal year 2025, a proposal praised by congressional Democrats and progressive advocates who want him to go even further.

The $7.3 trillion budget comes as the divided Congress is still sorting out funding for the current fiscal year. Given those divisions—and that the Republican House majority is already advancing its own budget resolution for the fiscal year that begins in October—the Democratic president’s plan is widely seen as a statement of priorities going into the November election.

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Analysis Shows How Corporate Profits Drive Inflation—Even as Business Costs Go Down

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“It’s one thing for corporations to pass reasonable increased costs to consumers,” said one analyst. “It’s another for them to line their coffers by exploiting Americans who are just trying to get by.”

By Julia Conley. Published 1-18-2024 by Common Dreams

Inflation has eased over the last two years, and with supply chains no longer struggling to keep up with demand and companies’ business costs stabilizing, an analysis out Thursday asks: Why haven’t American households seen the benefits of a more secure economy, with the prices of consumer goods and services falling?

The answer, said economic justice think tank Groundwork Collaborative, is that high prices linked to the coronavirus pandemic were never just the result of higher labor and production costs—but were partially caused by corporations’ deliberate price gouging.

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Supreme Court Could Trigger Hundreds of Billions in Corporate Tax Cuts ‘With the Stroke of Pen’

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A new report warns that huge tax gifts for corporations and “a $340 billion hole in the federal budget” are among the potential consequences of a case SCOTUS is set to hear in December.

By Jake Johnson. Published 9-27-2023 by Common Dreams

*Photo: Collection of the Supreme Court of the United States*

A Washington-based married couple’s challenge to an obscure provision of the 2017 Republican tax law has the potential to become “the most important tax case in a century,” with far-reaching implications for federal revenues, key social programs, and Congress’ constitutional authority to impose levies on income.

That’s according to a new report released Wednesday by the Roosevelt Institute and the Institute on Taxation and Economic Policy (ITEP).

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Critics Slam Amazon’s Billion-Dollar ‘Corporate Welfare’ for Oregon Data Centers

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“No other retailer in U.S. history has come anywhere close to such enrichment at public expense,” asserted one opponent of the nine-figure subsidy.

By Brett Wilkins. Published 5-19-2023 by Common Dreams

One of Amazon’s data centers in eastern Oregon is seen here from the air in an company photo. (Photo: Amazon.com)

Opponents of a contentious $1 billion subsidy for online retail behemoth Amazon’s data centers in Oregon on Friday decried what one critic called “corporate welfare” for a company that raked in more than a half a trillion dollars in revenue last year.

Amazon already has four data centers in Morrow County, Oregon and plans on building six more Amazon Web Services (AWS) cloud-computing facilities there. Earlier this month, Port of Morrow commissioners approved tax breaks for Amazon with an estimated value of $1 billion.

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$1 trillion in the shade – the annual profits multinational corporations shift to tax havens continues to climb and climb

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*Looks like paradise – especially if you’re a multinational corporation in need of a tax haven.*
*LeoPatrizi/E+ via Getty Images*

Ludvig Wier, University of Copenhagen and Gabriel Zucman, University of California, Berkeley

About a decade ago, the world’s biggest economies agreed to crack down on multinational corporations’ abusive use of tax havens. This resulted in a 15-point action plan that aimed to curb practices that shielded a large chunk of corporate profits from tax authorities.

But, according to our estimates, it hasn’t worked. Instead of reining in the use of tax havens – countries such as the Bahamas and Cayman Islands with very low or no effective tax rates – the problem has only gotten worse. Continue reading →

Congress Just Passed $858 Billion Military Budget, But GOP Is Blocking $12 Billion to Fight Child Poverty

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“This isn’t using our taxpayer dollars wisely,” said one analyst. “It’s robbing programs that we need.”

By Jake Johnson Published 12-17-2022 by Common Dreams

Sen. Mike Crapo, the ranking member of the Senate Finance Committee. Photo: USDA/flickr/CC

Congressional Republicans happily teamed up with Democrats this month to authorize $858 billion in military spending for the next fiscal year, but the GOP is refusing to even consider proposals to revive the Child Tax Credit expansion that lifted millions of kids out of poverty last year—even though bringing the program back would cost a fraction of the Pentagon outlay.

A spokesperson for Senate Finance Committee Chair Ron Wyden (D-Ore.) told HuffPost earlier this week that Republicans have thus far been unwilling to negotiate over the Child Tax Credit (CTC) boost, which they unanimously opposed when it was enacted as part of the American Rescue Plan last year. Continue reading →

Protesting Fuel Poverty, People Tell UK Government to ‘Keep Everyone Warm This Winter’

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As energy bills—and fossil fuel profits—continue to soar, demonstrators around Britain demanded immediate action from Prime Minister Rishi Sunak and members of Parliament.

By Kenny Stancil. Published 12-3-2022 by Common Dreams

People called for government action to ensure affordable clean energy for all in Glasgow, Scotland on December 3, 2022. (Photo: Fuel Poverty Action/Twitter)

People in dozens of cities across the United Kingdom hit the streets on Saturday to demand immediate government action to prevent thousands of struggling workers from freezing to death in their homes this winter.

Demonstrators drew attention to the worsening crisis of fuel poverty and called on lawmakers to pick up more of the tab for skyrocketing bills, fund home insulation, and accelerate clean energy production—all of which would be made easier by enacting a stronger tax on oil and gas corporations’ windfall profits. Continue reading →

Just 27 Billionaires Have Spent $90 Million to Buy GOP Congress: Report

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“They’re counting on that ‘small’ investment in anti-tax Republicans to save them billions in taxes,” said Americans for Tax Fairness, which conducted the analysis.

By Kenny Stancil Published 7-18-2022 by Common Dreams

Stephen Schwarzman, co-founder and CEO of Blackstone, speaking at the World Economic Forum in Davos, January 23, 2018. Photo: World Economic Forum/flickr/CC

A few dozen billionaires are spending tens of millions of dollars on the 2022 midterm elections—mostly to support Republican candidates, including many who have parroted the dangerous lie that the 2020 presidential election was stolen—in a bid to ensure that Congress is full of lawmakers willing “to make their wealthy benefactors even richer,” according to a fresh analysis.

Titled Billionaires Buying Elections, the report from Americans for Tax Fairness (ATF) details how “billionaires are increasingly using their personal fortunes and the profits of connected corporations to drown out regular voters’ voices and elect hand-picked candidates who further rig the nation’s economy—especially the tax system.” Continue reading →

After Getting ‘Stealth Bailout’ During Pandemic, US Corporations Try to Kill Proposed Tax Hikes

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“When it’s time to finally put workers first, big businesses are spending millions to maintain their advantage and preserve the status quo,” said Kyle Herrig of Accountable.US.

By Jessica Corbett, staff writer for Common Dreams. Published 10-21-2021

Members of the Patriotic Millionaires hold a federal tax filing day protest in New York City. Photo: Michael Kink/Twitter

Major U.S. companies that got a “stealth bailout” thanks to congressional pandemic relief legislation are now lobbying against President Joe Biden’s proposal to hike taxes on wealthy individuals and corporations through the Build Back Better package, according to a new Accountable.US analysis provided exclusively to Common Dreams.

Accountable.US takes aim at the recent lobbying activities—and in some cases, statements from top executives—of Apple, Baxter International, Bristol-Myers-Squibb, DuPont de Nemours, FedEx, Johnson & Johnson, Oracle, Walgreens Boots Alliance, and Walmart. Continue reading →

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