Republicans Are About To Pass The Most Important Tax Bill In A Generation

Republican members of Congress are racing to pass the tax reform bill so that they can get home in time for Christmas, and it looks like it is actually going to happen.  The key is the Senate, and at this point it looks like there will be enough votes, but we have seen surprises before.  As I have stated previously, I would have voted for this bill, but nobody should pretend that this fixes our tax system.  The tax code is still going to be more than two million words long, the regulations are still going to be more than seven million words long, and Americans are still going to spend billions of hours and tens of billions of dollars complying with the most complicated tax system on the entire planet. (Read More...)

10 Facts About Corporate Taxes That Will Make Your Blood Boil

As the rest of us fill out our federal tax returns this year, we can all take great comfort in the fact that many of the largest corporations in the United States are not paying any federal taxes at all.  Over the past couple of decades, multinational corporations have become incredibly skilled at avoiding taxes.  It has become routine for big companies to shift profitable operations to divisions in other countries where tax rates are lower.  It has also become routine for big companies to set up “sham headquarters” in tax havens around the world.  Many U.S. corporations have even renounced their status as American companies in order to avoid paying taxes.  All of this has had a dramatic impact on the income of the federal government.  Corporate taxes now account for less than 7 percent of all federal revenue.  Back in the 1950s they accounted for about 30 percent of all federal revenue.  Meanwhile, the 35 percent corporate tax rate in the United States is chasing companies (and the accompanying good jobs) out of the United States at a blinding pace.  In a world where big corporations will go to any lengths to “game the system”, this is absolutely devastating our economy. (Read More...)

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