corporations

Biggest Corporate Welfare Scam of All Time, by Stephen Moore

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Biggest Corporate Welfare Scam of All Time, by Stephen Moore

President Joe Biden is calling on corporate America to pay their fair share of taxes, but it turns out that some companies, particularly green energy firms, are not paying their fair share. Despite receiving billions in subsidies, wind and solar power industries are among the biggest tax dodgers in the country, paying nearly zero income taxes. These companies have received over a quarter trillion dollars in subsidies over the past two decades, with no significant increase in renewable energy production. Biden’s policies, such as the Inflation Reduction Act, are expected to drain the Treasury of up to .8 trillion over 10 years. The green energy lobby is exempt from Biden’s proposed mandatory 15% minimum corporate tax, highlighting the hypocrisy in his stance on tax evasion. The green energy industry is profiting off climate change hysteria, with little to show for the taxpayer-funded subsidies they receive.

Who’s Left to Tax? Grappling With a Dwindling Shareholder Tax Base

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Who’s Left to Tax? Grappling With a Dwindling Shareholder Tax Base

– Foreign investors, retirement accounts, and other tax-exempt entities now dominate US stock ownership.
– At the end of 2022, foreign investors held the largest single block, 42 percent, of total outstanding US stock.
– Domestic retirement accounts are the next largest holder of US stock, accounting for 27 percent of the total.
– The share of outstanding US stock held in taxable brokerage and mutual fund accounts declined from 79 percent to 27 percent from 1965 to 2022.
– Policymakers must grapple with a relatively small and dwindling number of taxable accounts when seeking to increase shareholder taxes.

Close to Home: California needs higher taxes on wealth

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Close to Home: California needs higher taxes on wealth

President Joe Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25% of their income in taxes.

How investment firms shield the ultrawealthy from the IRS – ICIJ

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How investment firms shield the ultrawealthy from the IRS - ICIJ

The fact described in the text is that the IRS has received a major infusion of funding, including billion in 2022, to address the issue of large partnerships used by the ultrawealthy to hide income and avoid paying taxes.

High Tax Rates Caused Too Much Culture

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High Tax Rates Caused Too Much Culture

Corporate art purchases were common from the 1950s through the 1970s, with corporations supporting symphonies, operas, and dance companies as a mark of corporate citizenship. These expenses were tax-deductible, with the government covering half the cost. Employees preferred compensation in-kind, such as office spaces with avant-garde design or tickets to cultural events, as they faced high marginal tax rates. However, after the 1980s, as tax rates decreased, employees preferred cash over cultural benefits, leading to a decline in corporate support for culture. The shift from a culture-focused corporate environment to a more utilitarian one was influenced by changes in tax rates.

ME legislation aims to uncover corporate tax avoidance

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ME legislation aims to uncover corporate tax avoidance

Maine lawmakers are considering legislation to require corporations to reveal the amount of state income taxes they pay.