corporate tax

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Icahn Drops $150M to Fight Corporate Tax Dodgers

He's the latest billionaire to get in the Super PAC game

(Newser) - Billionaire investor Carl Icahn said Wednesday he is creating a $150 million super PAC focused on revising corporate tax law. Icahn will use his super PAC to press Congress to pass legislation that stops US companies from moving their profits overseas to take advantage of lower tax rates — a... More »

CEO Salary Bigger Than Tax Bill at 7 Top Companies

Some of top 30 firms got more from feds than they paid

(Newser) - Two Washington think tanks have some jarring figures in a report outlining the case for corporate tax reform: Seven of the top 30 US firms pay more to their CEOs than they pay in federal income tax, according to the Institute for Policy Studies and the Center for Effective Government... More »

Corporate Income Tax Is a Game No One Wins

Megan McArdle thinks we should get rid of it entirely

(Newser) - This week, Treasury Secretary Jack Lew asked Congress to make it harder for US corporations to evade taxes by being "acquired" by a foreign corporation in a low-tax country. It's the latest in the long back-and-forth game of corporate taxation, writes Megan McArdle at Bloomberg . For every move... More »

Obama to GOP: Let's Cut Corporate Taxes

... but only if you agree to job creation measures

(Newser) - President Obama has a new "grand bargain" for Republicans, though it's a little less grand this time around. In a speech today, Obama will offer to overhaul the corporate tax code, reducing the rate and reaping a onetime windfall in the process, the Wall Street Journal reports. In... More »

Let's Become a Corporate Tax Haven

Ramesh Ponnuru has an idea for radically overhauling the tax code.

(Newser) - What if, instead of countries hiding their money overseas, they were investing it in the US? Ramesh Ponnuru at Bloomberg thinks that not only is it possible, it's the best solution to America's corporate tax quandary. America's 35% corporate tax rate is the highest in the developed... More »

US Companies Stashing $1.9 Trillion Overseas

'Broken' tax code causes offshore hoarding to soar $183B last year

(Newser) - The top 83 US-based companies now hold a massive $1.45 trillion offshore, parked in low-tax countries, after increasing those holdings by 14.4%—or $183 billion—just in the last year, reports Bloomberg . The leader in offshore profit parking is GE, with $108 billion, up $6 billion from last... More »

Louisiana Considers Ditching Its Income Tax

Bobby Jindal calls proposed move revenue-neutral

(Newser) - Bobby Jindal wants to do away with income and corporate taxes in his state—and raise Louisiana's 4% sales tax to make up the difference, the New Orleans Times-Picayune reports. "It's time to change that so people can keep more of their own money and foster an... More »

26 Big Firms Paid More to CEOs Than to US in Taxes

New study blasts corporate tax code

(Newser) - A new study that might set your blood boiling finds that 26 large US companies, each of which generated an average of more than $1 billion in net income last year, paid more to their CEOs than they paid to the federal government in taxes last year. The CEOs received... More »

The Secrets Behind Apple's Super-Low Tax Rate

Tech giant highlights government's tax problems in information age

(Newser) - Apple is one of the most profitable companies in the world—and also one of the most aggressive and creative at avoiding taxes, reports the New York Times , which outlines a number of the company's tax-avoidance strategies. Among them:
  • Despite its well-known Cupertino, California, headquarters, Apple partly avoids the
... More »

GOP Rolls Out Budget With Huge Tax Cuts

There would be just two brackets, with the top at 25%

(Newser) - House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our... More »

Obama to Bare Plan Cutting Corporate Taxes to 28%

Tax code overhaul to be unveiled today

(Newser) - President Obama will unveil details of his plan for a massive overhaul of the corporate tax code today, including cutting the top rate from 35% down to 28%, an administration official tells the New York Times . Manufacturers will see their effective maximum rate cut to 25%, and a minimum tax... More »

Obama Pushes Sweeping Corporate Tax Reform

Top rate to be cut as playing field leveled, Geithner says

(Newser) - President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner... More »

Number of Tax-Free Firms Explodes

Nearly 69% paid no corporate income tax in 2008

(Newser) - Just when you thought we could use more tax revenue comes word that a skyrocketing number of American companies are paying no taxes. That's zip, zero, zilch in federal income tax, and the group includes some publicly traded companies. The percentage of companies organized as tax-free operations has zoomed... More »

30 Top Corporations Paid US No Taxes, Despite Profit

Few companies actually pay 35% rate

(Newser) - America may have a lofty 35% corporate tax rate—but who actually pays that? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and 30... More »

For Most, Cain's '9-9-9' Plan a Tax Hike

'Washington Post' fact checkers say Cain's plan is misleading

(Newser) - Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios.... More »

Coca-Cola CEO: Easier to Do Business in China

Muhtar Kent says America needs to update its tax code

(Newser) - Coca-Cola CEO Muhtar Kent thinks US corporations are at a disadvantage compared to those based elsewhere thanks to America’s labyrinthine tax code, he told the Financial Times in an interview published late last night. “I believe the US owes itself to create a 21st-century tax policy,” Kent... More »

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08... More »

GOP Rep's Jobs Bill Would Abolish Corporate Taxes

Gohmert's plan beats Obama's to House

(Newser) - Louie Gohmert and President Obama's plans to get Americans back to work have the same name—the American Jobs Act of 2011—but that's where the similarities end. Rep. Gohmert, a Republican from Texas, introduced legislation to the House yesterday that would reduce the corporate tax rate from... More »

Romney: I've Got a 59-Step Economic Plan

Plan includes cutting regulations, corporate taxes, expanding trade

(Newser) - Mitt Romney will today unveil 59 specific policy proposals designed “to turn around America’s economy,” he announces in a USA Today op-ed, promising that his proposals are “rooted in the conservative premise that government itself cannot create jobs.” The op-ed outlines the broad strokes of... More »

Many Firms Pay CEOs More Than the Taxman

Liberal think tank singles out 25 of the 100 highest-paid execs

(Newser) - Many in Washington are calling for lower corporate taxes, but many US corporations have now become so adept at dodging the taxman that they’re paying their CEOs a lot more than Uncle Sam, according to a new study from a liberal think tank. The study found that 25 of... More »

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