A new report says 91 of the nation’s largest corporations didn’t pay any federal income taxes in 2018, the first year of the Trump administration’s new tax law.
The study by the Institute on Taxation and Economic Policy says even though the corporate tax rate was lowered to 21%, legal loopholes allowed the corporations surveyed to pay, on average, just over 11% in taxes.
Report co-author Matthew Gardner, senior fellow at the institute, pointed out this kind of corporate tax avoidance is entirely within the law.
“There is no implication that any of this is illegal. By all accounts, these companies are simply using the legal tax breaks that they lobbied Congress to give them,” Gardner said.
The companies that paid zero taxes include Amazon, Netflix and DowDupont of Midland, Michigan. Detroit-based General Motors also didn’t contribute any taxes on more than $4 billion in profits. Supporters of the new Tax Code have argued that lowering corporate rates would lead to increased investments and higher wages.
But Gardner said most workers’ wages have remained stagnant, and many corporations used the extra money saved on taxes to buy back stock instead of investing in their companies. He called the report’s findings disturbing, especially for middle-class workers who now know they pay a much higher tax rate than many wealthy corporations.
“There is a problem of democratic distrust right now,” he said. “People do not trust their government, they don’t trust elected officials. And it’s precisely this sort of finding that reinforces that distrust.”
The authors suggest Congress should reinstate a strong corporate Alternative Minimum Tax to act as a backstop to ensure all profitable corporations pay a meaningful corporate income-tax bill each year.
Virgina Bans Controversial “Conversion Therapy” for LGBTQ Youth
RICHMOND — Young people who identify as lesbian, gay, bisexual, transgender or queer in Virginia now are protected from “conversion therapy,” after Gov. Ralph Northam signed a law banning the practice .
The therapy involves mental-health practitioners trying to get a person to change sexual orientation or gender identity, and it’s been widely discredited. Virginia resident Adam Trimmer, who’s been through the controversial practice, said his therapist told him his sexual orientation was the result of an overbearing mother and a distant father.
Trimmer, who now serves as Virginia ambassador for anti-conversion therapy group Born Perfect, said it almost ruined his relationships with his parents.
“Conversion therapy completely wrecked our family. It wrecked my identity, it wrecked our family, and you don’t want this to happen in your family,” he said. “The issue is not that your child is part of the LGBTQ community. They just need someone to talk to.”
Virginia now is the 20th state — and the first in the South — to outlaw the controversial practice. The ban takes effect July 1.
The conversion-therapy bill is considered a historic breakthrough for LGBTQ Southerners, according to the Rev. Jasmine Beach-Ferrara, executive director of the Campaign for Southern Equality. She said more than one-third of all LGBTQ Americans live in the South.
“This continues to be the part of the country where discrimination is most enshrined in state law,” she said, “or where we haven’t been able to have the breakthroughs in pro-LGBTQ equality and laws that we’ve seen in other parts of the country.”
Currently, 28 states don’t have any laws that protect the more than 13 million LGBTQ Americans from discrimination. Other landmark rights bills also passed Virginia’s House and Senate, and are on their way to the governor.
The text of the legislation, House Bill 386, is online at lis.virginia.gov, and a Williams Institute LGBTQ fact sheet is at williamsinstitute.law.ucla.edu.
House Passes Schiff’s Rim of the Valley Corridor Preservation Act
WASHINGTON D.C. – Rep. Adam Schiff has applauded the bipartisan passage of The Rim of the Valley Corridor Preservation Act, which would add more than 191,000 acres of the Rim of the Valley Corridor to the Santa Monica Mountains National Recreation Area (SMMNRA). The bill passed the House on a bipartisan basis with 231 Yeas and 183 Nays
Schiff first introduced this legislation in 2017, and Senators Dianne Feinstein and Kamala Harris introduced companion legislation in the Senate. It recently passed out of the Senate Energy and Natural Resources Committee on a bipartisan basis.
To view a map of the proposed expansion under the Rim of the Valley Corridor Preservation Act, click here.
“I am thrilled that the House of Representatives has passed the Rim of the Valley Corridor Preservation Act, legislation I have championed for nearly 20 years,” Congressman Schiff said. “Preservation of the open space in our communities is not only good for our environment, wildlife, and ecosystems, but it is beneficial for the health and well-being of residents of all ages. The Rim of the Valley corridor is an area of striking and breathtaking natural beauty, and we must do whatever we can to preserve that beauty for the benefit of LA residents, the millions each year who visit, and for generations to come.”
“Today’s vote in the House is a win for the Rim of the Valley Corridor and the millions of Los Angeles County residents living in the surrounding communities,” said Senator Feinstein. “Preserving this unspoiled terrain will protect sensitive habitat for California wildlife and open space to benefit local economies. I am glad that Congressman Schiff was able to pass it in the House and look forward to doing the same here in the Senate, where it has already advanced out of committee.”
“The Rim of the Valley corridor is home to some of Southern California’s most beautiful wildlife and landscapes,” said Senator Harris. “That is why we must take immediate steps to protect this area’s habitats and natural resources. I am grateful to Congressman Schiff for his leadership on this issue and I applaud the House of Representatives for prioritizing the preservation of this area so it can be enjoyed by future generations. I look forward to working with my colleagues in the Senate to get this bill across the finish line.”
The proposed expansion is based on a six-year study of the region completed by the National Park Service in 2015. This legislation would expand the SMMNRA to include many, but not all, of the land included in the study. The lands included within the expansion will be known as the Rim of the Valley Unit and stretches from the Simi Hills and Santa Susanas to the Verdugos and on to the San Gabriel Mountains. The bill will enable NPS and the local community to better protect natural resources and habitats, and provide members of the community with improved access to nature for recreational and educational purposes.
To view the fact sheet about the legislation, click here.
Significant Funding Announced for LA River Restoration Project
WASHINGTON, D.C. – Reps. Adam Schiff, Lucille Roybal-Allard, and Jimmy Gomez have applauded the first significant federal funding for the LA River Restoration Project, which will revitalize more than 700 acres of open space along a broad stretch of the Los Angeles River from Griffith Park to downtown Los Angeles.
“The funding announced by the Army Corps of Engineers this week marks an important milestone in the decades-long effort to restore the Los Angeles River to its original natural beauty,” said Rep. Schiff. “I will continue working with the City of Los Angeles and the Corps to build further momentum on this project to revitalize the river’s aquatic ecosystem and provide much-needed green space for all Angelenos.”
“I am delighted that the Army Corps of Engineers’ Fiscal Year 2020 Work Plan provides critical funding to revitalize the LA River,” said Rep. Roybal-Allard. “As a senior member of the Appropriations Committee, I have fought hard to ensure the Army Corps has the funding it needs to move forward with this project, and I will keep up that fight in the years to come as we keep working to restore the river in our Southeast communities. Restoring the LA River in the Southeast will improve the health and quality of life for families near the river, and provide these neighborhoods with much-needed new green space for recreation.”
“Strong federal investments toward revitalizing the Los Angeles River represent a major victory for our constituents, our city’s diverse communities, and the wildlife whose lives depend on the river’s ecosystem,” said Rep. Gomez. “The Los Angeles River provides us with a unique opportunity to prioritize green spaces for all Angelinos while also strengthening the river’s habitat connectivity. I deeply appreciate the efforts by the Army Corps of Engineers to transform this historic waterway.”
“The L.A. River is an iconic treasure — a place that holds a special place in the history of our city and limitless potential for the future of our communities,” said Los Angeles Mayor Eric Garcetti. “Thanks to the U.S. Army Corps of Engineers, we will have the funding to help our river reach its full potential, restore an incredible natural habitat in the heart of Los Angeles, and connect more Angelenos to this remarkable resource in our own backyard.”
The U.S. Army Corps of Engineers released their Work Plan for Fiscal Year 2020, which includes $1.857 million for preconstruction engineering and design (PED) activities for the Los Angeles River Ecosystem Restoration Project, the first federal funding since FY17 and FY16, when the project received $400,000 and $100,000, respectively, for PED activities.
In April 2019, Schiff, Roybal-Allard, Gomez, and 12 colleagues from the Los Angeles area urged the House Appropriations Committee to provide strong funding for the U.S. Army Corps of Engineers.
In the appropriations legislation that passed in December, Congress increased funding for the Corps by nearly 10% for Fiscal Year 2020—a 50% increase from the President’s budget request. This funding supports the Corps’ important ongoing civil works projects across the nation, including the Los Angeles River Ecosystem Restoration Project.
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This Just In…
- Petition Circulating to Ask Judge to Keep Ed Buck in Jail
- RAGE is Latest Venue to Fall Victim to the Pandemic
- Koretz Won’t Back ‘Uplift Melrose’ Plan
- Man Sentenced for Hit-and-Run Death of Pedestrian on Sunset
- Beverly Grove Man Charged for COVID Relief Loan Fraud
- County Hospitals Receive 300 iPads for Patients to See Family
- Processions to Cedars Will Salute Healthcare Workers on National Nurses Day