Workers & Economic Inequality

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Battle on Capitol Hill over tax inversions

TCF fellow, Edward D. Kleinbard has been quoted in a Times Union article about corporate tax inversions.

U.S. Sen. Chuck Schumer and others on Capitol Hill are mounting an assault on corporate America's rising reliance on inversions, the minnow-swallows-whale merger tactic in which U.S. corporations avoid U.S. taxes by relocating overseas.

Typically in an inversion, a larger U.S. corporation merges with a smaller European counterpart and moves its legal business address to Dublin or London or Switzerland. More often than not, the company maintains its U.S. base and does business as normal.

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Tags: taxes, tax system, tax inversions, corporate taxes, corporate tax, corporate profit

Inversion delusion

TCF fellow, Edward D. Kleinbard has been quoted in an article about corporate tax inversions in the Rutland Herald.

On Monday, the Tax Policy Center in Washington held a panel discussion on the subject of “corporate inversions” — the practice of taking over a small company in someplace like Ireland or the Netherlands, and then using that takeover to “relocate” to the foreign country for tax reasons. One of the panelists was John Samuels, chief tax lawyer for General Electric.

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Tags: taxes, tax system, tax inversions, corporate taxes, corporate tax, corporate profit

Lew Says Administration Close to Decision On Inversions; Others Debating Possibilities

TCF fellow, Edward D. Kleinbard has been quoted in an article about corporate tax inversion on Bloomberg BNA.

The extent of any pending executive action to limit inversions remains uncertain despite Treasury Secretary Jacob J. Lew's pledge to decide soon.

He has yet to tip his hand on how the department could address the recent rise in tax-driven corporate mergers, aside from backing retroactive changes favored by congressional Democrats.

Debate around that and other options continues as potential administrative changes are considered along with legislative possibilities, though Senate Finance Committee Chairman Ron Wyden (D-Ore.) and ranking member Orrin Hatch (R-Utah) haven't found common ground to date.

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Tags: tax system, tax rules, tax inversions, corporate taxes, corporate tax, corporate profit

The Problem With Part-Time Work: There’s Just Too Damn Much of It

The Century Foundation has been mentioned in a Wall St Cheat Sheet article about part-time work.

America has an employment problem. Not the kind that we are used to hearing about day after day, but a problem that has slowly crept up on us, unseen to most but used by the establishment to assure us that everything is going according to plan. Many of us have been staring the issue right in the face this whole time without realizing the harm that it is actually doing, even though we’re all the primary victims of it.

The problem is part-time work.

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Tags: workforce, workers, the century foundation, jobs

Burger King’s claim that move won’t save taxes draws skepticism

TCF fellow, Edward D. Kleinbard has been quoted in a Sun Sentinel article about Burger King movings its headquarters to Canada.

Daniel Schwartz, chief executive officer of Burger King Worldwide, said in August that he doesn't expect "meaningful tax savings" when the company adopts a new legal address in Canada through the purchase of a doughnut chain there.

That may have blunted criticism from U.S. politicians who are calling the address change a tax dodge. But Schwartz's statement is hard to square with the reality of the countries' tax laws, according to experts on both sides of the border.

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Tags: taxes, taxation, tax inversions, corporate taxes, corporate tax, corporate profit

A mountain of money is almost a burden to a firm that doesn’t buy big

TCF fellow, Edward D. Kleinbard has been quoted in an article about Apple's cash reserves on Hispanic Business.

If, as expected, the launch of the new iPhone and Apple's iWatch health monitor leads to record sales, more money than ever will pour in to Apple's enormous pile of cash.

At the last count, at the end of June, Apple had $164.5bn of "cash, cash equivalents and marketable securities" on its balance sheet - up a heady $18bn on just nine months earlier. The vast majority of that money - $137.7bn - is held by Apple's foreign subsidiaries. From September 2013, its overseas cash mountain increased by $26bn.

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Tags: taxes, tax inversions, corporate taxes, corporate tax, corporate profit, apple

 

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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