August 21st, 1914
In Gift to Rich Tax Cheats, Republicans Strip IRS Funds From Bipartisan Infrastructure Bill
“Republicans can always be counted on to help billionaires not pay taxes.” Under pressure from well-heeled conservative advocacy organizations and donors, Republican senators have removed funding for IRS enforcement from an emerging bipartisan infrastructure plan, threatening to tank a proposed crackdown on rich tax cheats. Sen. Rob Portman (R-Ohio), part of the 22-member bipartisan group that’s […]
Wealthy Americans Hold Back $600 Billion in Taxes Annually, Treasury Says
WASHINGTON – The Biden administration says wealthy Americans withhold more than $600 billion in unpaid taxes from the Treasury every year, and it has proposed a detailed plan to bulk up the Internal Revenue Service’s enforcement arm in an effort to increase tax compliance among high net worth individuals. Total unpaid taxes “will rise to […]
Report Reveals How Big Corporations Rigged Rules to Boost Pandemic Pay of CEOs as Workers Suffered
“By inflating executive compensation while their workers struggled during a pandemic, corporate boards have strengthened the case for tax penalties on huge CEO-worker pay gaps.” Dozens of the largest low-wage employers in the United States manipulated their own rules during the coronavirus pandemic to hand wealthy CEOs substantial raises while their vulnerable frontline workers struggled […]
Dems Slam GOP Demand for No Corporate Tax Hikes in Infrastructure Plan
“Republicans’ insistence that the most profitable companies in the world shouldn’t contribute a single penny to investments in roads, schools, and our clean-energy future is simply not acceptable.” Republican Sen. Shelley Moore Capito of West Virginia said Thursday that keeping in place the current 21% corporate tax rate is a “non-negotiable red line” in infrastructure […]
Fossil Fuel Companies Got $8.2 Billion in Tax Bailouts—Then Fired Over 58,000 Workers
“It’s time to stop subsidizing them and start facing the climate crisis,” says a BailoutWatch analyst. Bolstering arguments against providing further public benefits to the fossil fuel industry, a BailoutWatch analysis published Friday reveals that 77 companies got a collective $8.24 billion tax bailout last year, then laid off tens of thousands of employees. The tax benefits […]
Wealthy Americans Dodge $175 Billion in Taxes Each Year
WASHINGTON – The Biden administration is planning to fund most of a massive investment in U.S. infrastructure and jobs by raising tax rates on the wealthy and on businesses. But a new study shows that wealthy individuals are already holding back about $175 billion in taxes every year through complex tax evasion schemes. Further, experts […]
Richest 1% of US Households Don’t Report 21% of Their Income, Analysis Finds
“We estimate that 36% of federal income taxes unpaid are owed by the top 1%.” A new analysis by IRS researchers and academics published Monday morning estimates that the richest 1% of U.S. households don’t report around 21% of their income, often using complex tax avoidance strategies that allow them to outmaneuver the federal government’s increasingly rare audits of […]
February 25th, 1997
