Read the Tax Justice Digest for recent reports, posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. For frequent updates find us on Twitter (CTJ/ITEP), Facebook (CTJ/ITEP), and at the Tax Justice blog.
Tax Cut Crazy Talk
When presidential candidates release tax reform proposals that promise to drastically slash taxes across the board and also generate strong economic growth, the only appropriate response is a heavy sigh and a plea to stop. Read our round up of the presidential candidates and their crazy talk.
Speaking of Crazy Talk: Rubio’s Tax Plan
CTJ took a closer look at Marco Rubio’s tax proposal and found that the senator’s plan would give the biggest tax cut to the wealthiest 1 percent of Americans and balloon the deficit by $11.8 trillion over a decade. Read the full analysis here.
Corporate Tax Watch: Apple and Pfizer
This has been a busy week for corporate tax monitoring. CTJ reports that Apple now holds $186.9 billion in offshore cash and moved a record $50 billion offshore just last year. The company has avoided $56.9 billion in federal income taxes thanks to these offshore holdings- that’s a lot of iPhones, iPads, and Macs.
CTJ staff is also keeping an eye on Pfizer because the company seems to be having an identity crisis. The company now wants to be Irish to avoid paying U.S. taxes (they tried to become a British company, but that didn’t work out). Read about Pfizer’s issues here.
The United States is a Top Secrecy Jurisdiction
Sometimes, ranking near No. 1 is not a badge of pride. The United States is the third biggest offender - just after Switzerland and Hong Kong - on the Tax Justice Network's 2015 Financial Secrecy Index when it comes to facilitating financial secrecy and tax evasion. Read about this grim ranking here.
State Rundown: Spooky Appointments, Phantom Tax Increases
Read all about who New Jersey Gov. Chris Christie appointed as state treasurer, the outcome of elections in Louisiana, a “rain tax” in Maryland, and fixing unintended consequences in Ohio. Yes, this is a litany of teasers, but we think this edition of the rundown is that good and deserves a full read.
Shareable Tax Analysis:
ICYMI: Now that the nights are starting earlier, why not get a jump on some good bedtime reading? Check out ITEP’s Guide to Fair State and Local Taxes. It’s riveting. We promise. You’ll learn all about state tax structures and what states get right and wrong when it comes to raising revenue.
This week’s Tax Justice Digest was full of compelling reads. Thanks for sticking with us until the end. Suggestions? Email: firstname.lastname@example.org