Tag Archives: tax code

$10 Trillion in Added US Debt Since 2001 Shows ‘Bush and Trump Tax Cuts Broke Our Modern Tax Structure’

“In their blind loyalty to their mega-donors, Republicans’ fixation on giant tax cuts for billionaires has created a revenue problem that is driving up our national debt,” said Sen. Sheldon Whitehouse in response to new Treasury Department figures.

By Jon Queally. Published 10-21-2023 by Common Dreams

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation’s tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

“After record U.S. government spending in 2020 and 2021” due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, “the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion.”

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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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‘Historic Win’: UN Members to Start Talks on ‘Inclusive and Effective’ Global Tax Standards

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Applauding African nations that led the new resolution, one activist argued that “shifting power from the OECD is paramount to end the exploitation and plunder of developing countries.”

By Jessica Corbett Published 11-23-2022 by Common Dreams

Tax justice campaigners have rallied around a United Nations resolution—adopted on November 23, 2022—that could lead to a U.N. tax convention. (Photo: Global Alliance for Tax Justice/Facebook)

Tax justice advocates around the world on Wednesday celebrated the unanimous adoption of a resolution to “begin intergovernmental discussions in New York at United Nations Headquarters on ways to strengthen the inclusiveness and effectiveness of international tax cooperation.”

The U.N. General Assembly (UNGA) resolution on the “promotion of inclusive and effective international tax cooperation at the United Nations” was spearheaded by the African Group—which is composed of the continent’s 54 member states—and comes after about a decade of delays on the topic at the Organization for Economic Cooperation and Development (OECD). Continue reading →

The IRS already has all your income tax data – so why do Americans still have to file their taxes?

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*The government could toss the 1040 in the trash.*
*Kameleon007iStock via Getty Images*

Beverly Moran, Vanderbilt University

Doing taxes in the U.S. is notoriously complicated and costly. And it gets even worse when there are delays and backlogs, making it especially hard to reach the Internal Revenue Service for assistance.

But to me this raises an important question: Why should taxpayers have to navigate the tedious, costly tax filing system at all? Continue reading →

GOP Threatens to Hold Economy Hostage to Slash Climate Investments

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“If Republicans take over Congress, they plan to hold the government hostage and ransom our future,” said one climate advocate.

By Jake Johnson Published 10-25-2022 by Common Dreams

Screenshot: CNN

In addition to threatening cuts to Social Security and Medicare, congressional Republicans are reportedly plotting to use the debt ceiling and an end-of-year clash over government funding to target popular climate investments approved in August as part of the Inflation Reduction Act.

The Washington Post reported Tuesday that “while some Republicans do favor brinkmanship over Medicare and Social Security… some aides and analysts think the GOP may be more likely to demand changes to other Democratic priorities.” Continue reading →

Our global economic system is broken. Are we headed for a mass revolt?

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How long can billionaires continue to amass wealth while the world’s poorest struggle to buy food?

By Paul Rogers Published 5-28-2022 by openDemocracy

Screenshot: The Today Show

While it has long been blatantly obvious that the global economic model is not working for all, the rate of accumulation of wealth by a small minority is now breathtaking – if not totally obscene.

With the situation only being worsened by the economic impact of the Ukraine War – which has come on top of the effects of the COVID-19 pandemic – could we be headed for mass revolts sparked by a desperate need for change? Continue reading →

‘Tax the Rich,’ Say Millionaire Activists Protesting at Davos Amid Record Wealth, Inequality

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“As someone who has enjoyed the benefits of wealth my whole life I know how skewed our economy is and I cannot continue to sit back and wait for someone, somewhere, to do something,” said one demonstrator.

By Brett Wilkins Published 5-22-2022 by Common Dreams

Activists Marlene Engelhorn and Phil White demand that the rich get taxed at a May 22, 2022 protest outside the World Economic Forum conference in Davos, Switzerland. (Photo: Patriotic Millionaires U.K./Twitter)

As some of the world’s wealthiest and most powerful people—sans the usual Russian oligarchs—descend upon the swank Swiss ski resort of Davos for the start of the World Economic Forum’s annual meeting on Sunday, a multinational coalition of millionaires of conscience took direct action to demand that governments #TaxTheRich.

Activists from Patriotic Millionaires, Patriotic Millionaires U.K., taxmenow, and the 99% Initiative, who protested outside the elite compound, had a message for conference delegates: “Extreme wealth is eroding democracy,” and taxing the rich will “reduce inequality and help deal with the cost of living scandal playing out in multiple nations around the world.” Continue reading →

Low-Income Americans to Congress: ‘I Am the Cost of Cutting Build Back Better’

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“We need to stop asking, ‘How much does a bold Build Back Better agenda cost?’ and instead ask, ‘How much does it cost not to Build Back Better?'” said Rev. Dr. William J. Barber II.

By Kenny Stancil, staff writer for Common Dreams. Published 10-28-2021

Image: Poor People’s Campaign/Twitter

With President Joe Biden and many congressional Democrats bowing to right-wing party members’ demands to gut their once far-reaching agenda to tax corporations and the wealthy to fund expanded public benefits and climate action, low-income people from across the United States convened in Washington, D.C., on Wednesday to say that “I am the cost of cutting the Build Back Better plan.”

“We need to stop asking, ‘How much does a bold Build Back Better agenda cost?’ and instead ask, ‘How much does it cost not to Build Back Better?'” Rev. Dr. William J. Barber II, president of Repairers of the Breach, said during Wednesday’s rally, which was organized by the Poor Peoples’ Campaign: A National Call for Moral Revival, an effort that he co-chairs. Continue reading →

Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut”

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Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed.

by Justin Elliott and Robert Faturechi. Published 8-11-2021 by ProPublica

Image: Pixafree.org/CC BY-SA 3.0

ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox.

Series:
The Secret IRS Files

Inside the Tax Records of the .001%

In November 2017, with the administration of President Donald Trump rushing to get a massive tax overhaul through Congress, Sen. Ron Johnson stunned his colleagues by announcing he would vote “no.”

Making the rounds on cable TV, the Wisconsin Republican became the first GOP senator to declare his opposition, spooking Senate leaders who were pushing to quickly pass the tax bill with their thin majority. “If they can pass it without me, let them,” Johnson declared. Continue reading →

‘Bombshell’ Secret Footage of ExxonMobil Lobbyists Sparks Calls for Action by Congress

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“We demand Congress immediately investigate Exxon and fossil fuel companies’ climate crimes, and make polluters pay for their destruction,” said a 350.org campaigner.

By Jessica Corbett, staff writer for Common Dreams. Published 6-30-2021

Keith McCoy, a senior director in ExxonMobil’s Washington, D.C. government affairs team, was secretly recorded by Unearthed, Greenpeace U.K.’s investigative journalism arm. (Photo: Screenshot/Unearthed via Channel 4 News)

While ExxonMobil’s decades of sowing public doubt about climate science and the impact of fossil fuels have provoked various lawsuits, secretly recorded videos released Wednesday expose how the company continues to fight against U.S. efforts to tackle climate emergency.

Published by Unearthed, Greenpeace U.K.’s investigative journalism arm, and the British Channel 4 News, the footage of ExxonMobil lobbyists sparked new calls for congressional action to hold the oil and gas giant accountable. Continue reading →

Occupy World Writes

The Movement Continues – Globally

Tag Archives: tax code

The IRS already has all your income tax data – so why do Americans still have to file their taxes?

“In their blind loyalty to their mega-donors, Republicans’ fixation on giant tax cuts for billionaires has created a revenue problem that is driving up our national debt,” said Sen. Sheldon Whitehouse in response to new Treasury Department figures.

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.

Applauding African nations that led the new resolution, one activist argued that “shifting power from the OECD is paramount to end the exploitation and plunder of developing countries.”

“If Republicans take over Congress, they plan to hold the government hostage and ransom our future,” said one climate advocate.

How long can billionaires continue to amass wealth while the world’s poorest struggle to buy food?

“As someone who has enjoyed the benefits of wealth my whole life I know how skewed our economy is and I cannot continue to sit back and wait for someone, somewhere, to do something,” said one demonstrator.

“We need to stop asking, ‘How much does a bold Build Back Better agenda cost?’ and instead ask, ‘How much does it cost not to Build Back Better?'” said Rev. Dr. William J. Barber II.

Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed.

Series: The Secret IRS Files

“We demand Congress immediately investigate Exxon and fossil fuel companies’ climate crimes, and make polluters pay for their destruction,” said a 350.org campaigner.

Series:
The Secret IRS Files