It appears that Donald Trump successfully lost $915 million in 1995. We say "successfully" because it allowed him to avoid paying federal income taxes for up to two decades (at $50 million per year) and it may not have cost him a cent.
Over nine million American families lost their homes in the aftermath of the 2008 financial crisis and millions watched their retirement savings evaporate. Meanwhile, the Wall Street banks that caused the crash were doling out executive stock options that would generate huge windfalls once bailout funds had pushed up their stock prices.
The announcement followed the unveiling of new U.S. Treasury rules on Monday aimed at curbing such deals.
Stanford Law Professor Reveals The Most Pervasive Forms Of Tax Evasion And It's Not What You Would Think
Individuals who don't own businesses spend tens of billions of dollars each year (in fees and time) filing taxes. Most of this is unnecessary. The government already has most of the information it asks us to provide. It knows what are wages are, how much interest we earn, and so on. It should provide the information it has on the right line of an electronic tax return it provides us or our accountant.
The thousands of pages of the federal tax code -- and the tens of thousands of pages of ensuing regulations and judicial rulings -- offer many ways to reduce your taxes. These arrangements are often nicknamed loopholes when they apply to only some people.
"The primary enabler of international corporate tax abuse is the separate entity principle -- a legal fiction that enables
Another year has come and gone, and 2015 presents an opportunity to start fresh. With that in mind, it's time for the newly minted 114th Congress to make the right choices for the public's interest in its New Year's resolutions, and making the tax code fairer is a good place to start.
These giveaways could be called "corruption taxes." The definition of a "corruption tax" is a transfer of wealth to the very rich that no honest congressperson would support if campaigns were publicly financed.
Poll after poll shows that the American people support a progressive agenda that addresses income and wealth inequality, that creates the millions of jobs we desperately need, that raises the minimum wage, that ends pay discrimination against women, and that makes sure all Americans can get the quality education they need.
Exit polling data from Election Day showed clear majorities in against growing corporate influence on the political process and in favor of greater corporate accountability. The message is clear: inversions must stop, corporate tax avoidance must end, and special corporate loopholes must close.
Instead of making a "deal" on deferment and letting the corporations just keep this money they owe us, let's fix this loophole and give most of this tax money to the 242 million adult U.S. residents. What's left over (and there might be a lot -- as much as $215 billion) can be used to fix our infrastructure and other priorities.
Some work has been done recently to address tax loopholes for large corporations, such as the notorious corporate tax inversions, which put small businesses at a disadvantage, but more needs to be done to help level the playing field for small businesses.
By continuing to cater to the rich who don't want to impose reasonable regulations on Wall Street, Republicans continue to propel the injustices of the past. The corruption and the fraud that made the rich richer and collapsed our economy continues to be unrestrained.
Camp, who chairs the House committee responsible for making tax policy, also said in a statement to Bloomberg that a firm
Walgreen took a month of public drubbing while it mulled a move to Switzerland. Calls for a national boycott proliferated