Each year, Illinois loses $1.2 billion in corporate income tax revenue, according to Illinois PIRG. Opponents and business advocates argue strenuously that closing tax loopholes harms job creators and encourages big business to relocate to other states.
Sen. Schumer urged Congress to craft a stricter definition of inversion and enact a ban on "earnings stripping." Earnings stripping? You'll love this. Earnings stripping refers to a practice by which a foreign-based parent corporation loans large sums to -- wait for it -- itself.
Sometimes, the inability of Congress to get things done is a blessing in disguise -- like, for example, failing to renew a bevy of tax breaks that overwhelmingly benefit big corporations and wealthy individuals.
The rich snicker as the vast majority of Americans are so distracted they don't focus on record corporate profits, on record low corporate tax payments or on lobbyists buying tax breaks for corporations and loopholes for offshore accounts.
GE has probably avoided paying its fair share of taxes in a "legal" way -- if the word "legal" can be used to describe a system where corporations pay for the privilege of influencing politicians to bend the law in their favor.
The fact that companies are paying no taxes when America's working families are still struggling to winter what Fed Reserve Chairman Ben Bernanke continues to recognize as a failed or failing recovery is a prime example of what is exacerbating income inequality in America.
Saturday was "move your money" day. Wall Street banks won't tell how many customers they lost. But depositors, more than 78,000 of whom pledged to make the move, made their point. They voted differently. They voted with their feet and their wallets. And they won.
Norquist's unparalleled influence stems from his role as enforcer. Armed with his (in)famous anti-tax pledge, he's the undisputed master of political arm-twisting. No one on the left plays that sort of role.
GOP candidate Tim Pawlenty observed the 10th anniversary of the Bush-era tax cuts by proposing $2 trillion in additional tax cuts, primarily for millionaires and global corporations. Have we learned nothing?
In the real world, there are millions of people out of work and getting by on an average unemployment benefit of $293 a week. And there are millionaires, who receive about $110,000 a year from the Bush tax cuts.