Subject: Who's paying taxes? Who's not?
Date: Thu, 10 Aug 2000 23:08:33 -0500 (CDT)
From: "Emilie F. Nichols" <[EMAIL PROTECTED]>
Organization: ?
To: undisclosed-recipients:;
What are corporate tax revenues so far this year? Who's paying
taxes? Who's not? Who benefits? Some very good facts in 2 articles
below.
If the corporations don't want to pay taxes -- at any level of
government -- then why don't we take them off the roads, railways,
airlines, airwaves -- that average taxpayers are paying out the
wazoo for?
Regards,
Emilie F. Nichols
-----
Friday July 21 2:54 PM ET
Government Posts $56.3B Surplus
By JEANNINE AVERSA, Associated Press Writer
WASHINGTON (AP) - The Treasury, thanks to a flood of individual
income tax receipts, posted a surplus of $56.3 billion in June and
is on track to produce another record bounty for the entire fiscal
year.
The government's surplus last month, announced by the Treasury
Department on Friday, was 5.1 percent larger than the $53.6 billion
surplus recorded in June 1999.
Last month's surplus was in line with the $55 billion surplus many
analysts were expecting, and the $56 billion anticipated by the
Congressional Budget Office.
Revenue for June totaled $214.9 billion, while expenditures came to
$158.6 billion.
For the first nine months of fiscal 2000, which began Oct. 1, the
government is running a surplus of $176.6 billion - far surpassing
the record $124.4 billion surplus for all of fiscal year 1999.
Revenue for the first nine months came to $1.53 trillion, while
spending totaled $1.36 trillion.
With the expected surplus for fiscal year 2000, which ends Sept. 30,
it would be the first time the government has reported three
consecutive surplus years since 1947, 1948 and 1949.
The Clinton administration is predicting a $224 billion surplus for
fiscal 2000, while the CBO is projecting a slightly larger $232
billion.
In June, the biggest spending categories were: interest on the
public debt, $75.9 billion; Social Security, $43.1 billion; programs
at the Health and Human Services Department, $36.3 billion; and
military spending, $28.5 billion.
Revenues from individual income tax payments totaled $100.5 billion
in June, compared with $93 billion for the same month last year.
Payments from corporate taxes came to $40.5 billion, up from $39.3
billion in June 1999.
--On the Net:
Treasury Site: http://www.ustreas.gov
Congressional Budget Office site: http://www.cbo.gov
From: [EMAIL PROTECTED] <[EMAIL PROTECTED]>
Date: Wednesday, August 09, 2000 8:59 AM
Subject: Recommended csmonitor.com article
[EMAIL PROTECTED] has recommended this article from The Christian
Science Monitor's electronic edition http://www.csmonitor.com
-------------------------------------------------------------------------
corporate tax revenue dropping
-------------------------------------------------------------------------
Headline: Bye-bye corporate tax revenues Byline: David R. Francis
Date: 11/03/1999
Corporate profits are sizzling. Wall Street is cheering. Stock
prices are rising again. But Uncle Sam's not getting his full cut.
Corporate profits were up 8.9 percent in the fiscal year ended
Sept. 30. Federal corporate tax revenues were down 2.5 percent.
Indeed, corporate income tax revenues as a share of corporate
profits are sliding.
Washington has its eyes on this oddity, partly for political reasons.
Shrinking corporate tax revenues opens the door to a hot campaign
issue. Democrats could accuse the Republicans of expanding "corporate
welfare" - rewarding generous corporate campaign givers with tax
breaks. That may be one reason Bill Archer (R) of Texas, chairman
of the House Ways and Means Committee, just announced a hearing on
corporate tax shelters on Nov. 10. Treasury will be testifying.
Last July, Treasury issued a long "white paper" that began: "The
proliferation of corporate tax shelters presents an unacceptable
and growing level of tax avoidance behavior."
The Clinton administration wants some tax loopholes closed, increased
penalties for companies using abusive shelters and penalties for
their promoters or providers, and advance disclosure of tax shelter
use.
Mr. Archer described his hearing as "the latest in the committee's
efforts to stop abusive tax shelters," and claimed Congress has
stopped $50 billion in abuses since 1995.
Nonetheless, corporate tax revenues as a proportion of total
corporate profits have fallen to 21.3 percent in fiscal 1999 from
26.6 percent in fiscal 1994. The nominal corporate tax rate is 35
percent.
Revenues actually fell last year to $184.7 billion from $188.6
billion in fiscal 1998.
Lost revenue in fiscal 1999 alone could be $13 billion to $24
billion, estimates Martin Sullivan, an economist writing for Tax
Notes, a tax publication in Arlington, Va.
"Lawmakers may no longer have the luxury of delaying consideration
of the tax shelter problem," he reckons.
Multinational firms are part of the story. A General Accounting
Office study found that 67 percent of foreign-based corporations
are doing hundreds of billions of dollars of business in the US
without paying a penny of American income taxes.
At a Senate Foreign Relations Committee hearing Oct. 27, Sen. Byron
Dorgan (D) of North Dakota charged these foreign companies with
"an aggressive accounting scam."
Using a "transfer pricing" tactic, they move US profits out of this
country to their home base or another country with a more favorable
tax system by manipulating the price they charge themselves for
the goods and services they move among related parts of their
business. Some foreign-based firms claimed their US operations in
1998 bought toothbrushes for $171 each and pantyhose for $38 a
pair. They sold missile and rocket launchers for $13 each and radial
tires for $5 apiece.
"This is absurd," Mr. Dorgan said. He added that it may be "draining
our Treasury coffers by more than $30 billion annually."
The Senate committee was to meet Nov. 3 to consider approving eight
tax treaties, which aim to prevent double taxation involving both
the home nation and the US.
Dorgan would like to see such treaties include a "formular" approach
to avoid the complex transfer-pricing problem. It would look at
sales and assets for allocating profits between countries for tax
purposes.
It is the domestic tax situation that's getting the most attention.
Last week, for instance, when the Senate passed a bill extending
$8.5 billion in corporate tax breaks for a year, House minority
leader Richard Gephardt said: "The people who get the real treats
are corporations and the wealthy...."
Actually, the Senate "paid for" the extensions by cutting other
company tax breaks.
The House Ways and Means Committee also has been weighing a plan
for extending six expiring corporate tax preferences. Bob McIntyre,
director of Citizens for Tax Justice, a Washington group, calls
the $20.9 billion, five-year proposal "corporate welfare."
One final note: Shrinking corporate taxes may be boosting stock
prices. That helps the well-to-do who own the bulk of shares.
* David R. Francis is senior economic correspondent for the Monitor.
To read this story online
http://www.csmonitor.com/durable/1999/11/03/fp8s2-csm.shtml
http://www.csmonitor.com
------=_NextPart_000_000D_01C0020A.08A47CE0--
===================================================
Dear member or friend of United for a Fair Economy,
Please take a minute to make an URGENT phone call ASAP to keep the economic
divide from widening.
We are at grave and imminent risk of losing one of the most progressive
features of our tax system � the estate tax.
Congress just sent to President Clinton a bill to repeal the estate tax.
This bill would result in an average tax cut of $3.4 million for the
wealthiest 2,400 estates, and a total of $28 billion per year to the
wealthiest 2% of families.
This tax cut is by far the most blatant and outrageous give-away to the rich
we�ve seen in years, and one that will dramatically increase economic
inequality in America.
Working people will pay for this tax cut by either cuts in services or an
increased tax burden.
President Clinton has vowed to veto this bill, but Congress may have enough
votes to override his veto. We need to swing 12 votes to prevent a repeal
(visit our website (www.ufenet.org) to see a key list of Democrats who voted
FOR the repeal).
WE MUST NOT LET THIS REPEAL HAPPEN!
Urgent Actions:
Please call your U.S. Representative (202-224-3121) and urge him or her to
vote to sustain the President�s veto of the estate tax repeal.
Talking points on why not to repeal the estate tax:
� This tax affects only the richest sliver of Americans - those in the top
2% of the economic ladder. Ninety-eight of every 100 people who die face no
estate tax whatsoever.
� Under this bill we�d lose $105 billion over the first 10 years, and
another $620 billion over the second 10 years. This means less funds
available to help meet the growing costs of Social Security, Medicare and
Medicaid, as well as our other priorities such as improving educational
opportunities, expanding health insurance coverage, and reducing child
poverty.
� Supporters of the repeal claim the tax hurts family-owned business and
small farms. In reality only six of every 10,000 people who die leave a
taxable estate in which a family business or farm forms the majority of the
estate. Also, the estate tax already offers sizeable special tax breaks to
protect family businesses or farms.
Preventing the repeal of this wealth tax is central to the pursuit of
economic justice. Please call your Representative today.
If you have any questions or need assistance, please feel free to call Karen
Kraut at 1-877-JOIN-UFE.
Thank you!
-----------------------------------------------------
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