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:
Honest Taxpayers Get Stuck with $406 Billion Tax Bill
A new IRS report finds that $406 billion in federal taxes are owed each year but go unpaid. This so called “tax gap” is due in large part to the underreporting of business income. Beefing up IRS funding would help solve this problem. Read more.
No-Brainer: Corporations Should Pay What They Owe Before They Go
New legislation introduced in the U.S. House by Texas Rep. Lloyd Doggett requires any company that attempts to invert (aka claim foreign residency for tax purposes) to immediately pay taxes on its offshore income. Read CTJ’s take on this important legislation.
Yap, Yap: All Talk but No Appropriate Action in Kansas
Despite clear evidence that Gov. Sam Brownback's supply-side economics "real live experiment" hasn’t produced the promised economic jolt, the Kansas legislature adjourned by passing a series of budget band aids that will only make future budgeting more difficult. Read ITEP Analyst Lisa Christensen Gee’s commentary here.
Congress Doesn’t Get It: The American People Want Real Business Tax Reform
Last week the Senate Finance Committee held a hearing that focused almost exclusively on lowering corporate tax rates and expanding loopholes, but poll after poll reveal the American people want corporations held accountable for the taxes they owe. Here’s CTJ’s read about the disconnect between Congress and the public on business tax reform.
Shareable Tax Analysis:
ICYMI: What would President Trump’s tax plan look like? It’s a budget buster. The presumptive GOP nominee’s tax proposal would cost $12 trillion, and when the tax cuts are paid for only the top 5 percent of Americans will see a decrease in their taxes. Read CTJ’s full analysis here.
If you have any feedback on the Digest, please email me here: email@example.com
To sign up to receive the Tax Justice Digest in your inbox click here.