Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development (OECD) has said.Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare.Heavy borrowing and spending … Read more
For years we’ve been hearing that when President Donald Trump cut corporate taxes in 2017, corporations pissed away their tax savings on stock buybacks. Trump himself, in one of his rare episodes of truthfulness, admitted it. But that turns out not to be quite right. According to a new report by the public interest nonprofit … Read more
Last summer, I wrote two columns about a peculiar tax case that the Supreme Court decided to hear. Although the amount of tax involved in the case was less than $15,000, ruling in the taxpayer’s favor could have fundamentally gutted the Internal Revenue Code. A major part of the 2017 Tax Cuts and Jobs Act … Read more
Politics / June 25, 2024 Yes, they disagree on Gaza. But the Democratic primary rivals are also far apart when it comes to taxing billionaires and multinational corporations. Ad Policy Jamaal Bowman and George Latimer during a debate on May 13, 2024.(News12) Media coverage of Tuesday’s Democratic primary battle between US Rep. Jamaal Bowman—the progressive … Read more
The IRS plans to shut down a tax loophole used by large, complex partnerships, allowing the U.S. Department of Treasury to raise an estimated $50 billion or more in revenue over 10 years. The move is the latest in a series of faltering efforts the IRS has taken to hold the ultrawealthy more accountable, and … Read more
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
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
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
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
