While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax — thanks to a cocktail of tax credits, loopholes, and exemptions.
According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon (AMZN) will pay nothing in federal income taxes for the second year in a row.
Thanks to the new Tax Cuts and Jobs Act (TCJA), Amazon’s federal tax responsibility is 21% (down from 35% in previous years). But with the help of tax breaks, according to corporate filings, Amazon won’t be paying a dime to Uncle Sam despite posting more than $11.2 billion in profits in 2018.
How is that possible?
“It’s hard to know exactly what they’re doing,” said Steve Wamhoff, ITEP’s Director of Federal Tax Policy. “In their public documents they don’t lay out their tax strategy. So it’s unclear exactly which breaks [the company is taking advantage of]. They vaguely say tax credits. One could think of many different ways a corporation could do this, like the depreciation breaks which were expanded under TCJA.”
A proposal to gradually boost the state minimum wage
in Illinois to $15 cleared its final hurdle in the statehouse Thursday, marking another win for unions and low-wage workers aiming to make $15 the baseline hourly wage across the U.S.
The Democrat-controlled House passed the measure 69-47 days after the Democrat-controlled Senate passed it 39-18. The votes generally fell along party lines, with Republicans saying the hike would be too extreme, particularly in more rural areas.
Gov. J.B. Pritzker, the new Democratic governor, has already indicated he would sign what he called “historic legislation
,” saying $15 was an appropriate floor across the state.
NEW YORK (AP) — Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have closed down in the last year.
The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the stores will remain open until at least the end of March and the majority will remain open until May.
The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.
At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.
If somebody offered you a sandwich for free, you’d probably take it. $10? You might take it, if it was really good. $30? No thanks.
Voters are beginning to do similar cost-benefit analysis on Medicare for all, the Democratic plan for universal health care that’s sure to be a top campaign issue in 2020. In a January Morning Consult poll, 56% of respondents said they support Medicare for all, while 29% opposed it. Less than a month later, support fell to 50% while opposition rose to 38%.
The only thing that changed? People began to get a better understanding of what Medicare for all actually is—including the need to eliminate the private insurance system.
Congressional spending is now worse than what it was under Presidents Bush and Obama, reports the Conservative Review.
Congress has given President Trump an bipartisan spending bill that’s “worse than anything we’ve seen this generation,” according to the Conservative Review’s David Horowitz, who warns that Republicans are refusing to defund non-essential – or even harmful – programs of the federal government while also caving on border funding which conservative voters want.
Thus, departments like HUD, which were able to completely shut down for a month with nobody noticing, will continue to enjoy record spending. We will continue to provide security for Kabul and Baghdad with the beefed-up military budget since last year’s budget deal, but no funding for our border or meaningful use of the military to protect our own sovereignty from the daily incursions by the most brutal cartels on earth.
According to the most recent Census Bureau data on state-to-state migration flows, 523,000 people moved to California from other states. But at the same time, more than 661,000 Californians moved to other states.
That is, on net, nearly 138,000 more people left California than moved into it from elsewhere in the US.
Yet, California isn’t the worst in this regard. Both Illinois and New York lost even more residents to other states with net losses to other states totaling 144,000 and 167,000, respectively.
More People Moving Out of CA Than Moving To
Californians Leaving to Live in Better States
Californians Fed Up With Cost of Living Leave State
Californian Liberals Have Turned the State into an Expensive Hellhole
Could El Chapo’s seized drug money be used to build the border wall?
That’s one of the questions many are asking on Tuesday following news of the former drug kingpin being found guilty on all counts.
Mexico’s most notorious drug kingpin, Joaquin “El Chapo” Guzman, will spend the rest of his life in prison after a jury found him guilty on all 10 counts following a three month trial.
According to Breitbart, the United States has seized $14 billion from the former drug lord, which gave Sen. Ted Cruz a brilliant idea.
President Trump on Tuesday suggested, again, increasing legal immigration levels beyond an already historically high rate that would pit more foreign competition against American workers and further depress U.S. wages.
During a meeting at the White House, Trump said he wanted “more people” coming to the U.S. than the already more than 1.2 million legal immigrants admitted every year to take American jobs that would otherwise go to citizens.
Speaking of jobs, we have to have more people coming into our country because our real number is about 3.6, 3.7. It took a little blip up during the shutdown and went up to 4. And 4 — any country would take a 4. But we’re about 3.7; probably going lower. We need people. So we want to have people come into our country, but we want to have them come in through a merit system, and we want to have them come in legally. And that’s going to be happening. We’re doing very well in that regard.
Hard times for farmers got tougher with President Donald Trump’s trade war. Now Midwestern farmers are filing the highest number of bankruptcies in a decade, according to a Wall Street Journal analysis of federal data.
And farmers aren’t hopeful about this year.
Twice as many farmers
in Illinois, Indiana and Wisconsin declared bankruptcy last year compared to 2008, according to statistics from the 7th Circuit Court of Appeals, the Journal reported. Bankruptcies in states from North Dakota to Arkansas leaped 96 percent, according to figures from the 8th Circuit Court of Appeals.
For centuries, people have visited Venice, Italy, to see the canals.
Now it looks like tourists are going to get soaked.
In a move approved by the Italian government, the city plans to charge visitors up to 10 euros ($11.28) to see the city, according to the Telegraph
The new measure is expected to bring in millions to the city to counteract what locals say is a problem with cheapskate tourists who come to Venice for the day, but spend little cash in Venetian bars, restaurants or souvenir shops.