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 […]
“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 […]
“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 […]
“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 […]