It's Baa-aack: What to Expect from the Budget Season this Year

The budget season starts in the U.S. Congress this week. The Republican majority in the House will go first – releasing its budget late this afternoon. The Senate Republican majority will unveil its budget on Wednesday. Each chamber’s budget committee will review and approve their respective budgets in a mark-up session the day after each is released.

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General Electric Lets a Little Democracy into its Boardroom

In a surprising move last month, General Electric (GE) announced that it would give large shareholders a role in nominating an alternative slate of directors for board elections. GE is not the first large company to adopt such measures, but it is the most prominent. Even more remarkable is the fact that the company put forth this measure voluntarily.

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A Tale of Two Cases

It is the best of times if you're a crook at a mega-bank. It is the worst of times if you're in debt and dare to omit information on your bankruptcy declaration. Consider two federal cases dealing with perjury during bankruptcy.

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Walmart Workers to Earn $10 an Hour; Walmart Heirs “Earn” $445,776 an Hour

Thanks to three years of organizing, 500,000 Walmart workers will soon get a raise.

Over the last three years, strikes and pickets by Walmart’s low-wage employees have steadily expanded. Last Black Friday, protests were staged at more than 1,000 Walmart stores across the U.S. Dozens of employees were arrested.

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What We Lose with a Privatized Postal Service

Did you know that when you ship a package through Federal Express, the U.S. Postal Service often carries it the last mile? Last year, the Postal Service delivered 1.4 billion packages for FedEx and UPS. In fact, it delivers the last mile for almost a third of FedEx packages. The 618,000 Postal Service workers also delivered nearly 66 billion pieces of first-class mail — that’s more than 100,000 pieces per carrier.

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Think Corporate Tax Cuts Create Jobs? Think Again.

Nine million unemployed Americans want to work, but they can’t find a job. Nearly seven million more are working part-time but want full-time work. We still have a job shortage in this country. Many in Congress think the solution is more corporate tax cuts.

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The 16th Amendment: Raising Revenues for Public Investments Since 1913

One hundred and two years ago today, Wyoming became the final state to ratify the 16th Amendment, giving Congress the constitutional authority to establish a federal income tax. Later that year, Congress used that authority to establish the modern income tax system.

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President's Revenue Plan Rewards Tax Dodgers

President Obama’s budget, which was released today, rewards corporate tax avoiders by forgiving hundreds of billions of dollars of corporate income taxes they owe on profits stashed offshore. The president proposed a minimum tax on offshore corporate profits last year, but only with today’s budget was he specific about the tax rates he would propose.

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State and Local Taxes Fall More Heavily on Lower-Income Americans

The wealthiest one percent of households – those with an annual income of at least $419,000 a year – pay half the tax rate of households earning less than $18,000, a new report by the Institute on Taxation and Economic Policy (ITEP) shows. Who Pays? A Distributional Analysis of the Tax Systems in All 50 States, which examines tax rates at the state and local levels, concludes: the lower one’s income, the higher one’s overall effective (actual) state and local tax rate.

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New Legislation Aims to End High-Frequency Trading but Misses Opportunity to Invest in Critical, Underfunded Public Needs

Earlier this week, Maryland Congressman Chris Van Hollen introduced a much-needed sales tax on Wall Street transactions. The legislation would largely put an end to high-frequency trading by firms seeking to game the market.

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