Tag Archives: tax code

G20 Nations Take ‘Important Step’ Toward Fair Taxation of Ultra-Rich

“Our proposal for a common minimum tax on billionaires is now on the map. G20 finance ministers have started to engage with it—and there is no going back,” said progressive economist Gabriel Zucman.

By Julia Conley. Published 7-26-2024 by Common Dreams

Despite pushback from the United States delegation, finance ministers at a meeting of the G20 countries in Rio de Janeiro on Thursday agreed on the need to develop a global taxation system in which the richest in the world are taxed at a higher rate—potentially unlocking hundreds of billions of dollars annually to help close the international wealth gap.

Ahead of the G20 Summit scheduled for November, which Brazilian President Luiz Inácio Lula da Silva’s government will host, the finance officials met this week to discuss economic issues and ultimately agreed to start a “dialogue on fair and progressive taxation, including of ultra-high-net-worth individuals.”

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With Attention on Presidential Contest, GOP Goes on Austerity Rampage

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One leading Democrat warned Republicans’ spending proposals would “demolish public education” and “let corporate price gouging run rampant.”

By Jake Johnson. Published 7-6-2024 by Common Dreams

*Speaker of the House Mike Johnson speaking with attendees at the Republican Jewish Coalition’s 2023 Annual Leadership Summit. Photo: Gage Skidmore/flickr/CC*

With much of the public’s attention on the looming presidential election and high-stakes jockeying over who will take on Donald Trump in November, congressional Republicans in recent weeks have provided a stark look at their plans for federal spending should their party win back control of the presidency and the Senate.

The appropriations process for Fiscal Year 2025, which begins in October, is currently underway, with congressional committees engaging in government funding debates that are likely to continue beyond the November elections.

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

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“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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60 Days Into 2024 and Millionaires Are Already Done Paying Into Social Security

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“Ninety-four percent of Americans contribute to Social Security all year long, but the wealthy stop paying after their first $168,600 in wage income.”

By Jake Johnson. Published 2-29-2024 by Common Dreams

Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024.

That’s because Social Security’s payroll tax doesn’t apply to earned income above a certain level. For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all. Elon Musk, the CEO of Tesla and the world’s richest man, pays nothing into Social Security because he doesn’t take a salary.

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$8.5 Trillion in Untaxed Assets: Data Shows Why ‘We Need a Billionaire Income Tax’

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“While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.”

By Jake Johnson. Published 1-4-2024 by Common Dreams

*Elon Musk, CEO of SpaceX and Tesla. Photo: Daniel Oberhaus/flickr//CC*

An analysis released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that is not—and might never be—subject to taxation.

Examining recently released data Federal Reserve data for 2022, Americans for Tax Fairness (ATF) found that the roughly 64,000 U.S. households with at least $100 million in wealth—less than 0.05% of the population—controlled more than one in every six dollars of the country’s “unrealized gains,” profits that aren’t taxable until the underlying asset, such as a stock position, is sold.

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

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“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 →

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Tag Archives: tax code

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