corporations

FACT Calls on Congress to Eliminate Wasteful Corporate Tax Break, Supreme Court Issues Landmark Tax Ruling: Just the FACTs 6/25/24

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FACT Calls on Congress to Eliminate Wasteful Corporate Tax Break, Supreme Court Issues Landmark Tax Ruling: Just the FACTs 6/25/24

“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and money laundering through the financial system. Send feedback or items for future newsletters to Thomas Georges at tgeorges@thefactcoalition.org Here is the State of Play FACT Calls on Congress to … Read more

What will the presidential election mean for corporate taxes?

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What will the presidential election mean for corporate taxes?

The outcome of the 2024 presidential election will trigger a “colossal multi-trillion-dollar fight over taxes,” said Semafor. Big chunks of Donald Trump’s 2017 tax cut law will expire in 2025, giving whoever wins the election — both the White House and Congress — “the opportunity to rewrite much of the IRS code.” Trump hasn’t officially … Read more

Big oil companies reject tax transparency push by activist investor – ICIJ

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Big oil companies reject tax transparency push by activist investor - ICIJ

Shareholders at three of the world’s largest oil companies recently turned down tax transparency proposals from an activist investor. At Chevron, a proposal to publicly report the company’s earnings and tax bills in every country where it operates was defeated on May 29; 85% of votes were against the proposal. The shareholders followed recommendations from … Read more

Supreme Court Holds That 2017 Mandatory Repatriation Tax Does Not Violate The Sixteenth Amendment

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Supreme Court Holds That 2017 Mandatory Repatriation Tax Does Not Violate The Sixteenth Amendment

June 20, 2024 Click for PDF Moore v. United States, No. 22-800 – Decided June 20, 2024 Today, in a case widely seen as a test of Congress’s ability to enact wealth taxes, the Supreme Court held narrowly that Congress did not violate the Sixteenth Amendment by requiring U.S. shareholders to pay a one-time tax on … Read more

States’ Corporate Sales Tax Enforcement Doesn’t Go Far Enough

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States’ Corporate Sales Tax Enforcement Doesn’t Go Far Enough

Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more

SCOTUS Rejects Constitutional Challenge to Mandatory Repatriation Tax, Holding It Applies to Realized but Undistributed Income of Foreign Corporations | JD Supra

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SCOTUS Rejects Constitutional Challenge to Mandatory Repatriation Tax, Holding It Applies to Realized but Undistributed Income of Foreign Corporations | JD Supra

In Moore v. United States, the U.S. Supreme Court rejected a constitutional challenge to the Mandatory Repatriation Tax (MRT), holding that the MRT does tax income — the realized earnings of foreign corporations — and thus is a constitutionally permissible income tax authorized by the Sixteenth Amendment. The MRT is a “one-time, backward-looking” tax in … Read more

Every Oregonian could receive $750 a year with new ballot measure – Elkhorn Media Group

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Every Oregonian could receive $750 a year with new ballot measure - Elkhorn Media Group

EASTERN OREGON — A new ballot initiative aims to raise corporate taxes to provide every Oregon resident with an annual $750 rebate.  Known as Initiative Petition 17 (IP 17), this measure has garnered 135,723 signatures as of June 14, surpassing the required 117,173 signatures needed to make it onto the November ballot. However, these signatures … Read more

Lawmakers propose windfall profits tax on companies inflating prices

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Lawmakers propose windfall profits tax on companies inflating prices

Sen. Bernie Sanders, I-Vermont, and Ed Markey, D-Massachusetts, are introducing legislation in the Senate to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for the products they sell.The Ending Corporate Greed Act would have raised an estimated $300 billion in 2023 from 10 of the largest corporations alone. … Read more

​Analysis Shows How Surging Stock Buybacks Bolster Case for Corporate Tax Hike​ | Common Dreams

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​Analysis Shows How Surging Stock Buybacks Bolster Case for Corporate Tax Hike​ | Common Dreams

With a battle over congressional Republicans and former U.S. President Donald Trump’s 2017 tax law brewing, a progressive think tank on Monday published an analysis that points to the surge in stock buybacks as proof that federal policymakers should raise the corporate tax rate. When Trump—the presumptive GOP nominee to challenge President Joe Biden in … Read more

Should There Be A “T” In ESG?

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Should There Be A “T” In ESG?

A recent paper in the Vanderbilt Law Review raised a fascinating question about the growing links between corporate tax policy and environmental, social and governance (ESG) strategy. As new global regulations like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) start requiring corporations to disclose more detail than ever … Read more