How Do Giant Corporations Get Away with "Legal" Tax Cheating?

 

See how multinational corporations lobby to write their own tax laws. From We're Not Broke, the story of U.S. corporations dodging billions of dollars in income tax, and how seven fed-up Americans take their frustration to the streets ... and vow to make the corporations pay their fair share.

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House Budget Plans Do Not Reflect Americans' Views on Public Investments

Sequestration's automatic cuts to federal spending are beginning to sting in communities across the country, and two of the four major congressional budget plans put forth this year are at odds with public opinion on specific areas of public investments, according to a Center for Effective Government analysis. As the Pew Research Center found in a pre-sequestration poll in February, most Americans say they support maintaining or increasing funding for specific federal programs, including education, Social Security, and Medicare.

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Battle Lines Await an (Unlikely) Budgetary "Grand Bargain"

With Congress and the Obama administration still divided over tax revenues, the possibility of a "grand bargain" on another major deficit reduction package seems increasingly small.

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Undoing Sequestration

Across-the-board federal spending cuts, called "sequestration," have begun. What can be done to undo this damaging budget policy? One of the primary barriers to fixing sequestration is that it is playing out much like the metaphor of a boiling frog. According to the metaphor, if a frog is placed in a pan of boiling water, it will quickly jump out. But if it is placed in a pan of water that is room temperature, and then only slowly heated to a boil, the frog will not notice the danger and will be slowly cooked to death.

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Sequestration Standoff

As March 1 approaches, across-the-board federal spending cuts, called sequestration, appear almost certain to occur. Republicans and Democrats are not negotiating to resolve the looming crisis. Neither seems sufficiently motivated to compromise.

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Passing Over the "Fiscal Cliff" in Early 2013 Seems Increasingly Likely

While the outcome of the 2012 election will still ultimately decide next steps on the federal budget, a status-quo election that leaves Democrats in control of the presidency and Republicans in control of the House of Representatives seems likely to produce a budget stalemate that will last through the rest of the year and will trigger a "fiscal cliff" of spending cuts and tax increases in the new year.

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New Senate Bill Would Advance Spending Transparency

The latest offering from the Senate on federal spending transparency is far less ambitious that its House counterpart, but if enacted, it would be a big win for transparency and accountability. There would still be some areas of spending transparency to be addressed in future legislation, but if the Senate's version of the Digital Accountability and Transparency Act (DATA Act) becomes law, the public will have a clearer picture of federal spending and new tools for accountability.

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Automatic Defense Cuts No Threat to National Security

Unless Congress acts to undo the $110 billion in automatic, across-the-board spending cuts scheduled to take effect early next year, most federal programs will be cut by about eight percent. These cuts are the unfortunate product of crisis budgeting and will have deleterious impacts on many Americans, but harm to national defense won't be one of them.

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Next Steps for Spending Transparency Revealed in Senate Hearing

At a Senate committee hearing on July 18, the Obama administration announced that it's putting Treasury payment data online, but members of the committee indicated that the government still has a way to go to establish satisfactory federal spending transparency. A legislative path forward, members suggested, will likely be a modified version of the House-passed Digital Accountability and Transparency Act (DATA Act).

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Student Loan Interest Fight Highlights Competing Values

According to a recent study by the Pew Center on the States, Americans believe access to a quality education is the most important way the government can help people get ahead. Next year, reaching that goal could become more difficult. With the federal student loan interest rate set to double to 6.8 percent, college could become much more expensive for millions of students. Both parties in Congress have said they want to keep the lower rate, but they are far apart on how to find the $6 billion annually to pay for the loan subsidies.

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