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In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here’s a rundown of what we’ve been working on lately.
Speaker Paul Ryan Proposes “A Better Way” Giveaway to the Super Wealthy
This week CTJ analyzed Speaker Ryan’s so-called “A Better Way” tax plan. In a related blog post, CTJ Director Bob McIntyre writes that “Ryan’s view of tax policy has much in common with the regressive, budget-busting plan Trump sketched out last fall — and in some ways is even more extreme.
As Suspected, Inverted Companies Are Already Engaging in Accounting Tricks to Avoid Taxes
ITEP Director Matt Gardner delves into the latest financial release from Medtronic. The health care giant successfully inverted (AKA renounced its citizenship) in early 2015 and now claims it is headquartered in Ireland. The company’s financials confirm what advocates had suggested would happen: it is likely using accounting tricks to shift U.S.-earned profits into tax haven subsidiaries to avoid taxes.
Financial Companies Don’t Reveal All When it Comes to Tax Havens
This week CTJ released a new report that finds 27 American financial companies are concealing the existence of thousands of tax haven subsidiaries in the financial reports they file annually with the Securities and Exchange Commission (SEC). The 27 companies studied reported a total of 401 tax haven subsidiaries to the SEC, but thanks to other disclosures CTJ found that those same companies own at least 2,800 subsidiaries. Read more here.
Battered Roadways During Your Independence Day Drive Courtesy of Stagnant Gas Taxes
Independence Day weekend isn’t the only thing arriving tomorrow. Most states will be starting new fiscal years on July 1, and a handful of them will be adjusting their gas tax rates to mark the occasion. Even more states have gas taxes that are frozen in time. In this blog post ITEP Research Director Carl Davis highlights why it’s necessary for states to keep their gas taxes up to date.
Guest Blog Post Louisiana’s Unfinished Business
Jan Moller from the Louisiana Budget Project describes the disappointing outcome of the three legislative sessions held in his state this year. In this guest blog post, Mr. Moller writes, “While elected officials raised enough revenue to avoid the most serious cuts, they left major holes in the budget.”
In this week’s Rundown we highlight state tax news in New Jersey, North Carolina, Pennsylvania, California, and Wisconsin. Read the Rundown and check out our new “What We’re Reading” section here.
Policy Brief: State Corporate Tax Disclosure
Check out ITEP’s newly updated policy brief on why state corporate tax disclosure is needed here.
Shareable Tax Analysis:
Last week’s 4-4 decision by the U.S. Supreme Court on President’s Obama’s 2012 and 2014 executive actions on immigration means the President’s executive actions won’t become law. ITEP analyzed the state tax implications of the President’s proposals and found that undocumented immigrants would pay $805 million more in state and local taxes if his executive actions were upheld.
Our best wishes for an enjoyable Independence Day! If you have any feedback on the Digest or tax stories you’re watching that we should check out too please email me firstname.lastname@example.org
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