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Biden proposals may not guarantee all Fortune 500 corporations pay federal income taxes, experts say
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Biden plans may not ensure Fortune 500 firms pay income taxes, experts say
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Hedrick Smith
[Editor’s note: The following essay was written by former New York Times Washington, DC bureau chief, frequent NC Policy Watch contributor and all-around legendary journalist, Hedrick Smith. It originally appeared on Smith’s own website, Reclaim the American Dream.]
WASHINGTON – Okay, let’s talk turkey about taxes and their implication for U.S. economic growth and inequality. But let’s get real. Let’s get beyond the political kabuki dance in Washington, with politicians echoing well-rehearsed lines. That means focusing on real-world economics.
Discovery No. 1 one is that almost no major U.S. corporation, certainly not those that do business overseas, actually pays the 21% corporate tax rate, set by law. In fact, on average, Fortune 500 companies pay about half that much – 11.3% according to the non-profit Institute for Taxation and Economic Policy and Taxation, working from corporate reports.
Ringing in the New Year with New Laws in 2015
Here is a sampling:
California, many starting on January 1 that include:
A new provision allowing drivers licenses for undocumented immigrants.
Paid sick leave for retail, fast food and other service-industry employees.
According to the Daily Herald, over 200 new laws will take effect in 2015 in
Illinois that include:
“Ban the Box” prohibiting questions about criminal history on an initial job application.
Adding the gray wolf, American black bear and cougar to the list of protected species in Illinois.
From the Albany Business Journal, new laws in
New York include:
Tax credits for hiring veterans or persons with developmental disabilities.
The main beneficiaries of the repeal – worth about $97 billion a year – are wealthy Americans who are among the top 1% of annual tax filers, according to a recent study by the Institute for Taxation and Economic Policy in Washington, D.C.
Those 1.6 million filers, who earn more than $644,000 a year, would receive 62% of the benefits – an average of $38,000 for each of them. With such high incomes, they pay substantially more in state income taxes, and many New Yorkers in the top 1% own homes with property tax bills that exceed $40,000.
The next highest 4% of filers – those making between $263,000 and $644,000 – would receive the 24% of SALT savings. That’s an average of $3,660 for 6.3 million filers.
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