CAPITALISTS IN USA
Ultra-Wealthy Evade 20% of Taxable Income
According to new research published in the National Bureau of Economic Research (NBER), the wealthiest Americans are more successful at evading taxes than was previously expected. The paper suggests that due to the use of sophisticated techniques, the sampled data of random audits do not capture the true amount of tax evasion. The authors estimate that the top 1% shelter 20% of their taxable income.
Audit data showed a very small amount of tax evasion for the wealthiest Americans which can be explained by the use of foreign intermediaries (ex. Foreign bank accounts) and pass-through business entities which serve to complicate detection efforts.Read More »
Tax and Politics: Major Australian Firms pay more in Political Donations than Taxes
A Journal of People report
Some of Australia’s largest corporations paid tax of 10 percent or less of their profit in 2018-2019, but made political contributions that are much more substantial.
The corporate tax rate in Australia is 30 percent. However, deductions available to companies reveal a legal loophole allowing companies to pay much less.
According to latest data by the Australian Taxation Office, the country’s corporate giants, including energy enterprise Chevron Australia Holdings and car parks operator Wilson Parking Australia 1992, paid little or no tax in the last financial year despite declaring a profit of AU$900 million (about US$656 million) and AU$2.76 million (about US$2.1 million) respectively.Read More »
The New Zealand government’s recently announced NZ$50 million subsidy package to support local media was necessary and urgent – even if it came too late to save the Bauer magazine titles from closing.
But the injection of government cash did not address the underlying cause of the decline of New Zealand’s media, which predates the COVID-19 pandemic.
While the internet has created new opportunities for media and audiences alike, those opportunities have come at a price. Traditional media organisations now compete with giant digital platforms, not only for the attention of readers, but also for the advertising revenue that was once their lifeblood.Read More »
A Journal of People report
“Those wondering how many zeros Amazon, which is valued at nearly $800 billion, has to pay in federal taxes might be surprised to learn that its check to the IRS will read exactly $0.00”, wrote Fortune in a story on Amazon’s payment of Federal Income Tax (“Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits”, Laura Stampler, updated: February 15, 2019, originally published: February 14, 2019).
Bernie Sanders twitted: You know what Amazon paid in federal income taxes last year? Zero.Read More »
by Marty Hart-Landsberg
No doubt about it, the recently passed tax bill is terrible for working people. But as Lance Taylor states in a blog post titled “Why Stopping Tax ‘Reform’ Won’t Stop Inequality”: “Inequality isn’t driven by taxes—its driven by the power of capital in relation to workers.” Said differently we need to concentrate our efforts on shifting the balance of class power. And that means, among other things, putting more of our energy into workplace organizing and revitalizing the trade union movement.Read More »
by Raman Swamy
It has been a week since GST came into force. Many big industrial houses have quickly adapted to the game-changing new tax regime and some have even issued statements welcoming it.
A significant number of prominent players, trade organizations and individual legal pundits, economists and chartered accountants have gone one step further by congratulating the government for bringing in such a bold and historic reform to galvanize the Indian economy, attract foreign investment and enable the country to achieve its potential to become an economic super-power.
The other side of the picture is that there are crores of common citizens, whether involved in small and medium scale trade, commence, manufacturing, retailing or services, for whom the last seven days have been full of stress and strain. Some of them are determined to master the challenges posed by the new GST regulations come what may – they have rolled up their sleeves and girdled their loin cloths with grim resolve, humming the words of the inspirational song “We shall overcome”.Read More »
20 July, 2016
WASHINGTON – A United Nations global development summit begins its fourth day of difficult negotiations in Nairobi, Kenya. The member countries of the UN Conference on Trade and Development (UNCTAD) define the institution’s purpose and economic and development focuses every four years. The more than 10,000 attendees include UN Secretary General Ban Ki-moon, the Vatican’s Cardinal Peter Turkson, heads of state and finance ministers. As delegates tire of round the clock negotiations, less than 48 hours remain to reach a deal that renews the UN agency’s mandate.Read More »