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.
President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)
Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.
“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading →
A poll released Monday confirmed that corporations’ financial windfall following the passage of the Republican tax plan in 2017 did not lead to corporate investment in jobs and raises. (Photo: @zacjanderson/Twitter)
The release of a new survey on Monday confirmed that corporations used the $1.5 trillion giveaway in the Republicans’ 2017 tax plan for their shareholders and top executives—not their workers or reinvesting in their businesses.
The National Association of Business Economics’ (NABE) quarterly poll found that 84 percent of companies were not ramping up spending in the form of hiring, raises, and other capital investments. Continue reading →
Income inequality refers to the unequal distribution of income between the rich and poor.
Inequality in the U.S. has dramatically increased since the 1970s, under both liberal and conservative administrations in Washington. And the kind of policy Ocasio-Cortez is proposing will be impossible to pass with the polarized politics in Washington D.C. Continue reading →
“The Gilets Jaunes that you see in the streets,” said one organizer, “they’re being bled dry financially. The wealth gap is getting wider, and we’ve reached a point where there are the very rich and the very poor.”
The movement’s name comes from many supporters wearing the yellow high-visibility vests that all drivers in France are required to keep in their vehicles. Although Macron’s centrist administration announced last week that it was suspending fuel and electricity hikes for six months, outrage over growing inequality across the country has continued to produce massive protests. Continue reading →
President Donald Trump is famous for bragging about his net worth. Publicly, he claims he’s worth more than $10 billion. He even sued an author over the issue and lobbied the editors of Forbes about his ranking on their billionaires list.
Yet quietly in another setting, the Trump Organization says the president’s holdings are worth far less than he has proclaimed. Across the country, the Trump Organization is suing local governments, claiming it owes much less in property taxes than government assessors say because its properties are worth much less than they’ve been valued at. In just one example, the company has asserted that its gleaming waterfront skyscraper in Chicago is worth less than than its assessed value, in part because its retail space is failing and worth less than nothing. Continue reading →
White House National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin. Screenshot: YouTube
Almost everyone—nonpartisan commentators, economists, and even President Donald Trump’s chief economic adviser—predicted that corporate shareholders and CEOs, not workers, would be the primary beneficiaries of the Republican tax law, and several recent analyses have shown that prediction to be right on the money.
While many corporations immediately launched aggressive PR campaigns crediting the tax plan Trump signed in December with new “investments” in employees, a study by the nonprofit group JUST Capital published on Wednesday found that the sensational headlines touting worker bonuses obscured the fact that the vast majority of the law’s benefits have gone straight to the pockets of wealthy shareholders. Continue reading →
“This is not a ranking in which the U.S. wants to be number one or even number two. We have one of the strongest economies and one of the most secret. It’s a perfect recipe for attracting the proceeds of crime, corruption, and tax evasion.”
The U.S. holds 22 percent of global offshore services, up from 14 percent in 2015. (Image: Offshore Shell Games)
Proving its role in the global race to the bottom on tax avoidance and contributing to a multitude of abuses around the world, the United States is now second-largest tax haven on the planet, according to an updated international index.
The Tax Justice Network found that the U.S. has surpassed the Cayman Islands as the number-two place where corporations can easily stash their money to avoid tax liabilities. Switzerland retained its top place on the list. Continue reading →
Senator Bob Corker. Photo: US Senate (Public domain)
Though many initially shrugged it off as just the last domino to fall in terms of ending the myth that any Republican Party lawmaker actually ever gave a whiff about the deficit, increasing evidence on Sunday reveals that Sen. Bob Corker (R-Tenn.) dropped his opposition to the GOP tax proposal after the last-minute inclusion of a provision that would directly enrich him, President Trump, and other members of Congress who hold substantial financial interests in the real estate market.
After “bigotry and hatred were defeated at the polls” in Alabama on Tuesday, progressives turned their sights toward defeating the GOP’s attempt to deliver a trillion-dollar tax cut to the wealthy, demanding that Senate Majority Leader Mitch McConnell (R-Ky.) “immediately” seat newly elected Sen. Doug Jones before a final vote on the Republican tax bill.
Frank Clemente, executive director of Americans for Tax Fairness (ATF), said in a statement late Tuesday that Jones’s victory represents a repudiation of “the Trump-GOP agenda” and implored Republicans to “re-evaluate their support for the monstrous tax bill that will rip healthcare away from millions while raising taxes on middle class families.” Continue reading →