Tag: Corporate Taxes

A Gutted I.R.S. Makes the Rich Richer

Let’s take a moment to pity the Internal Revenue Service. Yes, to many Americans, it’s a money-grabbing ogre siphoning hard-earned cash to the faceless federal bureaucracy. But the nation’s tax collector today is an enfeebled enforcer. Its budget has been bled dry by a Republican Congress in service to wealthy […]

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Historic Cash Flows Returning to the U.S. for 3rd Quarter in a Row After Tax Act

Corporations are infusing money back to the U.S. from abroad in record numbers for the third quarter since passage of the Tax Cuts and Jobs Act to the tune of $92.7 billion dollars. Third quarter 2018 saw the fifth highest U.S. corporate repatriations, listed as dividends from foreign operations, in recorded U.S. history, according to […]

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The Corporate Donors Behind a Republican Power Grab

Walgreens portrays itself as the friendly neighborhood drugstore. It gives flu shots to children, helps communities after storms, donates to charity — and makes feel-good advertisements trumpeting its various good deeds. But Walgreens also has a tougher side, one you won’t see in those ads. To protect a tax break, […]

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Stock Market’s Slide Is Flashing a Warning About the Economy

Unemployment is near lows not seen in half a century. The American economy is set for its best year since 2005. Large corporations are producing giant profits. Even wages are starting to rise. And the stock markets are a mess. The losses extended on Tuesday, as the S&P 500-stock index […]

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Why Was Trump’s Tax Cut a Fizzle?

Last week’s blue wave means that Donald Trump will go into the 2020 election with only one major legislative achievement: a big tax cut for corporations and the wealthy. Still, that tax cut was supposed to accomplish big things. Republicans thought it would give them a big electoral boost, and […]

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New York Should Say No to Amazon

This week, word leaked that Amazon may be close to finalizing a deal to set up a major operation in Long Island City, Queens. The news, which was embraced with peak sycophancy by Gov. Andrew Cuomo — he literally offered to change his name to “Amazon Cuomo” to make it […]

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How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

In the first quarter of this year, according to Commerce Department data, multinationals repatriated $306 billion, in the form of dividends. That was $270 billion above the average quarterly amount over the last five years. White House officials say that’s a sign that the tax law is working. Over time, that repatriation should generate tax […]

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Upheaval All Around, but U.S. Businesses See Smooth Sailing

Midterm elections have tended to result in a loss of seats for the party in the White House, with the president’s popularity working to amplify or blunt the impact. The economy generally plays a supporting role. Among Republicans, Mr. Trump’s overall approval rating is near 90 percent, although across the public as a whole, it […]

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Bank Earnings Climb in Growing Economy, but Lending Doesn’t Keep Pace

Tax cuts, deregulation and a buoyant economy were always expected to drive profits higher at most American banks in the latest quarter. But a nagging question has been hanging over the industry: Would banks, taking their cue from rising economic optimism and a friendlier White House, significantly increase their lending to businesses and households? On […]

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Government Work Done, Tax Policy Writers Decamp to Lobbying Jobs

Staff members on committees in Congress have also moved on. Perhaps the most high-profile departure this year was Mark Prater, the longtime tax counsel of the Senate Finance Committee who joined the tax advisory firm PricewaterhouseCoopers in June. In May, Brendan Dunn, the policy adviser and counsel to the Senate majority leader Mitch McConnell, left […]

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Op-Ed Columnist: Trump’s Potemkin Economy

According to legend, Grigory Potemkin, one of Catherine the Great’s ministers (and her lover), created a false impression of prosperity when the empress toured Ukraine. He supposedly did this by setting up fake villages, or possibly just facades, along her route, then dismantling them after she passed, and setting them up again further down the […]

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Tax Havens Blunt Impact of Corporate Tax Cut, Economists Say

They find that multinationals operating in tax havens are far more profitable than locally owned companies in those countries, and that their profits dwarf what they pay workers. They break the numbers down to show the outsize profits are largely due to money being “shifted” — on paper — into those havens. Large corporations like […]

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