Tag Archives: tax code

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

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

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

“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

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

“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

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

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

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

 

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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

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

“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

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Millions of People Face Stimulus Check Delays for a Strange Reason: They Are Poor

The IRS has had trouble getting money to people quickly because millions of Americans pay for their tax preparation through a baroque system of middlemen.

By Paul KielJustin Elliott and Will Young. Published 4-24-2020 by ProPublica

Image: Jernej Furman/flickr/CC

Last week, a group of angry and desperate Citi Tax Financial customers gathered outside the company’s storefront in Augusta, Georgia. Millions of Americans had received a big deposit from the IRS in their bank accounts, but they had not. The IRS website told them their coronavirus stimulus checks were deposited in an account they didn’t recognize.

With an officer from the Richmond County Sheriff’s Office beside him and another officer shouting for people to be quiet, the tax preparation company’s owner told the crowd of about 60, only a few of whom wore masks, that he didn’t have their money. Continue reading

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Trump Call for Permanent Payroll Tax Cut Is “Code for Gutting Social Security’s Dedicated Funding,” Say Critics

“Nothing to do with helping workers and everything to do with undermining Social Security.”

By Jake Johnson, staff writer for Common Dreams. Published 4-8-2020

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

President Donald Trump on Tuesday once again voiced his support for slashing the payroll tax—the primary funding mechanism for Social Security and Medicare—and said he would be calling for such a cut even if the U.S. were not currently in the midst of a nationwide public health and economic emergency.

“I would love to see a payroll tax cut,” Trump, who has repeatedly vowed to “save” Social Security, said at the end of the Coronavirus Task Force briefing Tuesday evening. “I think on behalf of the people it would be quick… There are many people who would like to see it as a permanent tax cut.” Continue reading

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Trump, Granting Lobbyist Demands, Quietly Handed Billions More in Tax Breaks to Huge Corporations: Report

“Trump is the most corrupt president in history, and here’s the latest example of how that corruption helps giant corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 12-30-2019

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

A “disturbing” New York Times story published Monday detailed how President Donald Trump’s Treasury Department, led by former Goldman Sachs banker Steve Mnuchin, has quietly weakened elements of the 2017 tax law in recent months to make it even friendlier to wealthy

individuals and massive corporations.

Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas. Continue reading

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IRS: Sorry, But It’s Just Easier and Cheaper to Audit the Poor

Congress asked the IRS to report on why it audits the poor more than the affluent. Its response is that it doesn’t have enough money and people to audit the wealthy properly. So it’s not going to.

By Paul Kiel. Published 10-2-2019 by ProPublica

Charles Rettig testifying at his confirmation hearing on June 28, 2018. Screenshot: C-SPAN

The IRS audits the working poor at about the same rate as the wealthiest 1%. Now, in response to questions from a U.S. senator, the IRS has acknowledged that’s true but professes it can’t change anything unless it is given more money.

ProPublica reported the disproportionate audit focus on lower-income families in April. Lawmakers confronted IRS Commissioner Charles Rettig about the emphasis, citing our stories, and Sen. Ron Wyden, D-Ore., asked Rettig for a plan to fix the imbalance. Rettig readily agreed. Continue reading

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Bolstered by Trump Tax Scam, Number of US Corporations Paying ‘Not a Dime’ in Federal Taxes Doubled in 2018

“Corporations zeroing out their tax bills or paying single-digit federal tax rates mean a substantial loss in federal revenue. Calls to cut critical programs and services in the wake of these corporate tax cuts are absolutely connected.”

By Eoin Higgins, staff writer for Common Dreams. Published 4-11-2019

Steve Mnuchin, Mike Pence and Gary Cohn watching the Senate vote on the 2017 tax bill. Photo: White House

A new analysis out Thursday shows that tax policy under the Trump administration is benefitting large corporations to such a degree that twice as many large companies will pay nothing in federal taxes for 2018 compared to previous years.

The report by the Institute on Taxation and Economic Policy, which comes less than a week before tax day in the United States on April 15, found that 60 companies—including Amazon, Netflix, Activision Blizzard, General Motors, and IBM—used “a diverse array of legal tax breaks” to bring their federal tax liability to zero. Continue reading

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