Tag Archives: U.S. Chamber of Commerce

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

“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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In ‘First Major Blow to Big Pharma,’ Federal Judge Blocks Medicare Drug Price Negotiation Injunction

The judge said plaintiff the Chamber of Commerce “demonstrated neither a strong likelihood of success nor irreparable harm.”

By Olivia Rosane. Published 9-30-2023 by Common Dreams

Graphic: KFF

A federal judge in Ohio on Friday blocked an attempt by corporate interests to stop Medicare’s historic negotiation of certain drug prices with pharmaceuticals.

Medicare gained the power to negotiate drug prices as part of the Inflation Reduction Act (IRA), but the several industry groups and drug makers have sued to forestall the program, arguing that it is unconstitutional, CNN explained. One of those groups was the U.S. Chamber of Commerce, which filed its lawsuit in June. The Ohio judge Friday rejected its request for a preliminary injunction to block the program before October 1, the date by which pharmaceuticals must agree to negotiate or not.

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

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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Memo Exposes Renewable Energy Trade Group’s Close Ties to Fossil Fuel Industry

“Despite its name, American Clean Power is yet another fossil fuel lobbying group trying to trick people into believing its greenwashing,” said one campaigner. “Any political leader who claims to care about the planet’s future should shun this organization.”

By Kenny Stancil. Published 4-20-2023 by Common Dreams

​American Clean Power CEO Jason Grumet and Rep. John Curtis (R-UT) at Clean Power on the Hill on April 18 2023. Photo: ​American Clean Power/Twitter

The American Clean Power Association has been billed as “the nation’s top renewable energy trade group,” but lurking beneath its green luster is a dirty reality.

That’s according to the Revolving Door Project, which published a memo on Thursday to expose what is calls ACP’s “close ties to the fossil fuel industry and an ‘all of the above’ energy agenda that allows for massive new fossil fuel development and environmental damage, as long as clean energy also benefits.”

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Biden DOJ Supporting Rail Giant Norfolk Southern’s Effort to Block Future Lawsuits

If the U.S. Supreme Court sides with the company behind the East Palestine disaster, workers and consumers could have less freedom to sue corporations.

By Kenny Stancil.  Published 2-17-2023 by Common Dreams

Attorney General Merrick Garland. Screenshot: Department of Justice

Norfolk Southern—the railroad giant whose train derailed and caused a toxic chemical fire in a small Ohio town earlier this month—has asked the U.S. Supreme Court to throw out a 2017 lawsuit filed by a cancer-afflicted former rail worker, and the Biden administration is siding with the corporation, fresh reporting from The Lever revealed Thursday.

If the high court, dominated by six right-wing justices, rules in favor of Norfolk Southern, it could be easier for the profitable rail carrier to block pending and future lawsuits, including from victims of the ongoing disaster in East Palestine. Moreover, it “could create a national precedent limiting where workers and consumers can bring cases against corporations,” wrote two of the investigative outlet’s reporters, Rebecca Burns and Julia Rock. Continue reading

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Air and Water Under Threat as SCOTUS Targets Environmental Laws

“It seems like we have a new conservative supermajority on the court that is much more inclined to do a slash-and-burn expedition through our major environmental laws.”

By Julia Conley   Published 1-25-2022 by Common Dreams

Coastal Wetlands at Parker River National Wildlife Refuge in Newburyport, MA.
Ohoto: Kelly Fike/USFWS/flickr/CC

Environmental advocates and congressional Democrats are raising alarm after the U.S. Supreme Court this week agreed to hear arguments in two cases regarding bedrock regulations designed to protect the quality of the nation’s air and water.

The nine justices announced Monday that they plan to hear arguments in the case of an Idaho couple who were blocked from building a home on their land by the Clean Water Act. According to the Environmental Protection Agency (EPA), Chantell and Michael Sackett’s land contained wetlands and the couple needed a federal permit to build. Continue reading

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Ahead of Historic House Hearing, Fresh Big Oil Misinformation Campaign Exposed

“It’s always helpful to remember that big fossil fuel companies (besides being overwhelmingly responsible for carbon pollution) are also skeevy disinformation hucksters.

By Jessica Corbett, staff writer for Common Dreams. Published 10-27-2021

Action on Jan 11, 2017 right before the start of ExxonMobil’s Rex Tillerson confirmation hearings. Photo: 350.org/Twitter/CC

An investigation by HEATED and Earther revealed Wednesday that fossil fuel industry advertising in some of the most popular U.S. political newsletters “has exploded” as Democrats in Congress prepare to grill leaders of oil majors and trade groups about their contributions to climate disinformation.

Journalists Emily Atkin and Molly Taft examined ads in Punchbowl News’ daily political email newsletter as well as two climate-related newsletters, “Axios Generate” and Politico‘s “Morning Energy,” leading up the U.S. House of Representatives hearing scheduled for Thursday. Continue reading

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Report Reveals Major Corporations Are Funding Lawmakers Behind Anti-Democracy Bills

“It is now more urgent than ever to build a just transition away from fossil fuels and fight off attacks against protest and our freedom to vote, so that we can have a planet our communities can thrive on.”

By Brett Wilkins, staff writer for Common Dreams. Published 5-10-2021

Washington, DC erupts in celebration following the defeat of Donald Trump. Photo: Heartland Alliance

Numerous corporations have funded the political action committees of state lawmakers backing the recent spate of anti-voter and anti-protest bills, even as many of the companies have spoken out in defense of voting rights and democracy, a report published Monday by Greenpeace USA revealed

The report (pdf)—entitled Dollars vs. Democracy: Companies and the Attack on Voting Rights and Peaceful Protest—says that 44 state lawmakers sponsored at least one anti-protest bill and one anti-voter bill in the past year. It also reveals that 53 of the 100 top corporate donors to lawmakers sponsoring anti-voter bills also rank among the top 100 contributors to anti-protest measures. Continue reading

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America gets a D+ for school infrastructure – but federal COVID relief could pay for many repairs

Money from the $1.9 trillion American Rescue Plan could go toward much-needed improvements to crumbling public school buildings. Erin Clark for The Boston Globe via Getty Images

Michael Addonizio, Wayne State University

Many kids are attending public schools this spring with the use of COVID-19 safety protocols, including more desk spacing, more frequent cleaning and mandates to wear masks.

But far too many of the school buildings themselves remain dilapidated, toxic and in desperate need of structural improvements.

On average, U.S. public schools are more than 50 years old – and by and large they are not being properly maintained, updated or replaced. The American Society of Civil Engineers graded America’s public K-12 infrastructure a D+ in their 2021 Infrastructure Report Card, the same abysmal grade as in their prior 2017 report.

But help may finally be on the way. Continue reading

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Exposing Trump’s Payroll Tax Deferral as ‘Wage Theft,’ Treasury Signals Millions of Workers Will Earn Less in 2021 Under Plan

“Like Donald Trump’s other economic executive orders, this will not provide actual relief to workers.”

By Julia Conley, staff writer for Common Dreams. Published 8-29-2020

Photo: skeeze from Pixabay

Days after the payroll processor for the federal government—one of the nation’s largest employers—announced it would implement President Donald Trump’s plan to defer payroll taxes for the rest of 2020, the U.S. Treasury Department indicated that employers will be responsible for paying the deferred taxes next year.

The plan is scheduled to go into effect September 1, and companies that take part will be required to collect the taxes their employees owe from the last four months of this year at the beginning of 2021—after the general election, which Trump hopes to win with claims that he’s strengthened the economy and helped workers. Continue reading

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