Corporations that have reclassified themselves as “foreign-owned” received approximately $1 billion in federal contracts over the last five years. These companies profit from American tax dollars despite avoiding U.S. taxes themselves.
The House of Representatives gave 25 of the nation’s billionaires a $334 billion tax break on April 16 when it voted 240-179 to repeal the estate tax. The nearly 100-year old tax raises $27 billion a year for the U.S. government. Of the 2,662,000 Americans who died in 2013, just 3,700 of their estates paid any estate tax – one out of every 700 estates.
Last week, thousands of New York City residents completed an eight month-long participatory budget process in which they voted on how to allocate $25 million of their taxes in their communities. The city first experimented with participatory budgeting in 2011 when four City Council members allowed their constituents to decide how to use $1 million in discretionary funds provided by the city on community projects in their wards. This time around, 24 of New York City’s 51 Council members joined in the effort.
Every small business would need to pay $3,244 in additional taxes to offset the $110 billion in federal and state revenue lost every year to offshore tax avoidance by multinational corporations, according to a new report from U.S. PIRG.
Workers’ compensation is a state-based government program that has protected American workers for close to a century. Throughout the early part of U.S. history, injured workers were taken care of by the communities they were a part of: churches, worker’s benevolence associations, neighbors, or extended family. But when workplace deaths and injuries soared during the industrial revolution, government stepped in to help.