Economic Glance
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
Eight SEC employees disciplined on failure to stop Madoff fraud
The Securities and Exchange Commission, which failed to stop Bernard Madoff’s long-running investment fraud despite repeated warnings, has disciplined eight agency employees over their handling of the matter but did not fire anyone, according to a SEC spokesman.
A ninth employee, who was facing a potential seven-day suspension, resigned before disciplinary action was taken, spokesman John Nester said.
30 Companies paid no US income tax 2008-2010: Report
Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform but seems unable or unwilling to act.
Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
Top Earners Doubled Share of Nation’s Income, Study Finds
The top 1 percent of earners more than doubled their share of the nation’s income over the last three decades, the Congressional Budget Office said Tuesday, in a new report likely to figure prominently in the escalating political fight over how to revive the economy, create jobs and lower the federal debt.
In addition, the report said, government policy has become less redistributive since the late 1970s, doing less to reduce the concentration of income.
GAO Report: Federal Reserve Is Riddled With Corruption And Conflicts Of Interest, Stephen Friedman Is Targeted
A new audit of the Federal Reserve released today detailed widespread conflicts of interest involving directors of its regional banks.
"The most powerful entity in the United States is riddled with conflicts of interest," Sen. Bernie Sanders (I-Vt.) said after reviewing the Government Accountability Office report. The study required by a Sanders Amendment to last year's Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny.
Vatican Calls for New World Economic Order
The Vatican called Monday for radical reform of the world's financial systems, including the creation of a global political authority to manage the economy.
Vatican pronouncements on the economy are meant to guide world leaders as well as the global church. United States Roman Catholic bishops, for example, have released a voter guide for the 2012 election that highlights social concerns such as ending poverty.
50% of All US Workers Made Less than $26,000 in 2010
Today we get our first look at American wages in 2010 based on payroll taxes reported to the Social Security Administration. David Cay Johnston picks out the most important takeaways, including:
1) Half of all workers made less than $26,364, the median wage in 2010. That means the typical wage is at its lowest level since 1999, after adjusting for inflation.
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- Suit alleges banks and mortgage companies cheated veterans and U.S. taxpayers
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