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
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
This undated photo shows buildings in Yeouido, Seoul. Korea Times fileThe number of companies that reported operating losses rose 3.2 percent on-year last year amid an economic slowdown, the tax agency said Monday.A total of 1.03 million corporations filed corporate taxes last year, up 4.99 percent from a year earlier, according to the data by … Read more
Rep. Jamaal Bowman and Sen. Bernie Sanders on Friday led a group of progressive lawmakers in announcing legislation that would penalize large corporations with a 95% windfall profits tax for using elevated inflation as a pretext to hike prices and pad their bottom lines. The Ending Corporate Greed Act would “establish a 95% windfall profits … Read more
June 20, 2024 June 20, 2024 Today, seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the Court had agreed with the plaintiffs in the case — as well as … Read more
The Supreme Court on Thursday rejected a challenge to the constitutionality of taxation on foreign income in a case backed by business and anti-regulatory interests who said the provision was similar to a “wealth tax.” The 7-2 decision by Justice Brett Kavanaugh upheld the mandatory repatriation tax, siding with the Biden administration to uphold the provision of the 2017 … Read more
(June 21): The US Supreme Court upheld a 2017 tax on American-owned businesses’ foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars.Voting 7-2, the justices said Congress has the constitutional power to tax people and companies on their share of undistributed corporate income, at least when it comes to … Read more
The president plans to raise taxes on billionaires and giant corporations to help fund more affordable housing and childcare, while keeping taxes the same for those earning under $400,000 per year. With the 2024 presidential election less than five months away, President Joe Biden and former president Donald Trump have been busy highlighting their tax … Read more
NEW JERSEY (WABC) — New Jersey has a tentative agreement with the state’s most profitable companies to temporarily pay higher taxes to fund NJ Transit.Under the plan, the 600 corporations in the state that make at least $10 million a year in profits will pay a 2.5% tax on all earnings for five years.In return, … Read more
Moody’s Ratings has placed all Hellenic Bank ratings and assessments on review for upgrade, with the exception of the Prime-2 short-term Counterparty Risk Ratings (CRRs) and Prime-2(cr) short-term Counterparty Risk (CR) Assessment which have been affirmed. “This announcement reflects our strong financial performance and strategic development,” the bank said in a brief statement. Last month, … Read more