House Panel Urged to Spotlight Puny Raises, Slow Growth, Collapsing Investment from Corporate Cuts Benefitting Huge Firms While Losing a Fortune in Federal Revenue Corporate tax cuts at the center of 2017’s Tax Cuts and Jobs Act (TCJA) have failed to deliver the boost to workers and the economy promised by its Republican backers two […]
December 10, 2019
KEY FACTS ABOUT INCOME, WEALTH & TAXES
NOTE: There are many measures of American wealth and many ways of estimating those measures. This fact sheet uses the most current, accessible and reputable sources available for each data point, which in some cases leads to inconsistencies between studies, such as in the years covered. Also because of the multiplicity of wealth studies, figures […]
April 8, 2019
COSTLY CORPORATE TAX CUTS BENEFIT FEW WORKERS
Table of Contents INTRODUCTION.. 1 Figure 1: Corporate Tax Revenues Collapse from TCJA.. 3 Figure 2: Corporate Profits Up, Corporate Tax Revenues Down. 3 Figure 3: Few Employers Have Announced Raises or One-Time Bonuses. 4 Figure 4: Corporate Tax Cuts Going Mostly to Wealthy Shareholders & CEOs. 4 EXAMPLES OF HOW CORPORATIONS ARE SPENDING THEIR […]
July 23, 2018
ANOTHER DAY, ANOTHER CORPORATE TAX BREAK
House Republicans Continue Their Assault on the ACA With Vote This Week to Repeal Medical Device Tax A new analysis from Americans for Tax Fairness of medical device industry revenue and profits shows that the industry is doing quite well and not in need of a new tax cut from the House of Representatives, which is […]
Today, August 30, 2017, President Trump will promote his plans to change the nation’s tax code at a closed-to-the-public event in Springfield, Missouri. The speech will take place at a business owned by one of his campaign donors. While we don’t know quite what the president will say, we can predict a few claims based […]
Changes to the income-tax disclosure requirements for public corporations should include annual country-by-country reporting and the amount of deferred U.S. taxes owed on offshore profits, Americans for Tax Fairness Executive Director Frank Clemente wrote in comments submitted to the Financial Accounting Standards Board. Today is the deadline for public comments on FASB’s draft revisions to […]
WASHINGTON, D.C.—Improving country-by-country reporting requirements is critical to identifying, and ultimately preventing, billions of dollars of corporate tax dodging, Americans for Tax Fairness Executive Director Frank Clemente said in testimony to the Internal Revenue Service today. “Profit shifting by multinationals is a principal method of corporate tax avoidance. Improved reporting requirements, as proposed in this […]
Read the full report here. Introduction On this Tax Day 2024—the deadline for working Americans to settle up with Uncle Sam–neither the nation’s richest individuals nor its biggest corporations are paying their fair share of taxes. Simply put, the U.S. tax code is rigged against ordinary people. Many billionaires and big, profitable corporations go tax-free […]
March 5, 2024
State Of The Union Talking Points On Tax Fairness
President Biden is calling on Congress to pass a Billionaire Minimum Income Tax to end the scandal of billionaires and other super-wealthy individuals paying a lower tax rate than teachers, nurses and firefighters—and sometimes paying nothing at all. It’s time to reward work, not wealth. As of the end of last year, the wealth of […]
Big Winners: Wall Street Raiders Who Burden Target Firms With Too Much Debt House Republicans want to reverse a provision of the 2017 Trump-GOP tax law that limits the ability of corporations to cut their taxes by deducting interest payments from their taxable income. This expanded loophole would cost up to $200 billion in lost […]