Workers & Economic Inequality

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Tax Inversions Must Be Stopped Now

TCF fellow Edward Kleinbard published a piece at The Wall Street Journal discussing tax inversions.

Excerpt:

In an inversion, a large U.S. firm acquires a much smaller target company domiciled in a tax-friendly jurisdiction such as Ireland or the U.K., but the deal is structured so that the foreign minnow swallows the domestic whale. U.S. shareholders of the U.S. firm must pay immediate capital gains tax for the privilege of inversion, and the U.S. company ends up as the nominal subsidiary of a publicly held foreign corporation.
The deals are driven by planning to avoid paying the U.S. tax that applies when firms repatriate their low-taxed foreign earnings to the U.S. This has triggered demands—most recently, from Treasury Secretary Jack Lew —to close down inversions through the tax code, or to deprive inverted firms of government contracts or other benefits.

Read the article here.

Tags: tax inversions, edward kleinbard, economics

Merger Rush for Offshore Tax Break Bets on U.S. Stalemate

Bloomberg mentions TCF fellow Edward Kleinbard in a recent article discussing tax-reducing offshore mergers.

Excerpt:

Under current rules, U.S. companies can change their tax home through a merger if the former shareholders of the foreign company own at least 20 percent of the combined company. Executives aren’t required to move and many inverted companies are run from the U.S.
The proposed law would raise that threshold to 50 percent. It wouldn’t affect companies with completed inversions, such as Eaton Corp Plc and Actavis Plc.
Congress also should limit inverted companies from using offshore profits that haven’t been taxed by the U.S., said Edward Kleinbard, former chief of staff of the congressional Joint Committee on Taxation.

Read more here.

Tags: taxation, tax breaks, offshore mergers, edward kleinbard

Rep. Keith Ellison Wants to Make Union Organizing a Civil Right

MSNBC quotes and makes a reference to TCF senior fellow Richard Kahlenberg and TCF fellow Moshe Marvit's book called Why Labor Organizing Should Be A Civil Right in a recent article discussing union organizing.

Excerpt:

Ellison said he got the idea for the bill from a book called Why Labor Organizing Should Be A Civil Right, written by Century Foundation fellows Richard Kahlenberg and Moshe Marvit. Shortly before the book’s release in early 2012, the two authors presented a synopsis of its core argument in an op-ed for The New York Times.
“Our proposal would make disciplining or firing an employee ‘on the basis of seeking union membership’ illegal just as it now is on the basis of race, color, sex, religion and national origin,” they wrote in the op-ed. “It would expand the fundamental right of association encapsulated in the First Amendment and apply it to the private workplace just as the rights of equality articulated in the 14th Amendment have been so applied.”

Read the article here

Tags: richard kahlenberg, moshe marvit, labor union, labor organizing, kahlenberg

What Do NFL Cheerleaders Have to Do With the Minimum Wage?

July 21, 2014 COMMENTARY BY: Imhotep Royster TOPICS: Workers & Economic Inequality

Imhotep Royster, TCF labor policy intern, makes the case for professional athletes, including cheerleaders, to obtain fair wages for their labor. 

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Tags: worker rights, nfl players association, nfl, ncaa, minimum wage, labor rights, collective bargaining, cheerleaders, athletes

What Do the Recent Supreme Court Decisions Mean for Women’s Economic Security?

July 18, 2014 BY: Moshe Marvit TOPICS: Workers & Economic Inequality

The Nation quotes TCF fellow Moshe Marvit in a recent article discussing the recent Harris v. Quinn Supreme court ruling.

Excerpt:

Already, Harris is having an effect. Observers believe that the gains of recently organized home-based Connecticut childcare workers are threatened, because the Harris decision would likely apply to them. In addition, in one of a series of end-of-term orders, the Court sent back a Michigan case to the lower courts “for further consideration in light of Harris v. Quinn.” In These Times’s Moshe Marvit argues that since the legal issues in the Michigan case were somewhat different from those in Harris, the Court’s move “may be a quiet expansion of the Harris decision.”

Read the article here.

Tags: moshe marvit, labor unions, harris v quinn

Corporate Tax Inversions Will Cost U.S. Billions — and We’ll All Pay

The Fiscal Times quotes TCF fellow Edward Klenibard in a recent article discussing corporate tax invasions.

Excerpt:

The continuing flow of such deals highlights the urgency of congressional action, said Edward Kleinbard, a law professor and tax policy expert at the University of Southern California who served as the chief of staff for the Joint Committee on Taxation from 2007 to 2009. “The inversions demonstrate the need for fundamental corporate tax reform,” Kleinbard said. “In that sense, they are a canary in the coal mine. On the other hand, (if Congress waits) to get around to corporate tax reform, there won’t be a corporate tax base left to reform.”

Read the article here.

Tags: tax reform, kleinbard, edward kleinbard, corporate tax envasions

 

Workers & Economic Inequality

Workers & Economic Inequality

In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.

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