Archives

The Los Angeles City Council approved a resolution last night that ought to be a model for governmental bodies throughout the country. It calls for an amendment to the United State Constitution ending so-called “corporate personhood” and making clear that money is not speech — thus, in effect, overturning the Supreme Court’s disastrous Citizens United ruling.

The resolution was supported by the national group, Move to Amend. You can read the text of that group’s proposed constitutional amendment by clicking here.

 

Charlotte welcomed another Fortune 500 company recently as Governor Perdue and Chiquita CEO Fernando Aguirre announced the HQ is leaving Cincinnati for the sunny south. Chiquita is now the eighth Fortune 500 HQ located in Charlotte– such as Bank of America and Duke Energy. Charlotte is becoming home to some of the worst corporate actors in America. Read More

The think tank Citizens for Tax Justice (CTJ) today released a report showing that 280 of the most profitable companies in the US were able to shelter roughly half of their domestic profits from federal income taxes.  In fact, 30 of those companies — including North Carolina’s own Duke Energy — actually faced a negative federal income tax rate over the past three years.

The timing of CTJ’s report highlighting the ability of many profitable corporations to game the corporate tax code seems especially well-timed in light of what transpired yesterday at the General Assembly.

In a meeting of the General Assembly’s Revenue Laws Study Committee, a representative of the Council on State Taxation – a DC-based group representing the interests of more than 600 multi-state and multi-national corporations – encouraged lawmakers to make additional changes to tax  rules for multi-state corporations with operations in North Carolina.

Such changes, by potentially overturning assessments by the North Carolina Department of Revenue against companies the Department believes have artificially shifted profits earned here in North Carolina to states with no corporate income tax, could cost the state millions of dollars in one-time revenues. Read More

Watch this seven minute video for an easy-to-undertand explantion (courtesy of Jared Bernstein and Chuck Marr at the Center on Budget and Policy Priorities) of Senator Kay Hagan’s awful proposal to give a “tax holiday” to corporations that have been sheltering profits overseas. The two experts explain that the last time the U.S. tried this it was an “embarrassing” failure.

YouTube Preview Image
Uncategorized

Memo to the good people of the Occupy movement:

Hey folks — Looking for a place where the forces of corporate avarice in North Carolina spell out their agenda and identify their most loyal toadies? 

Then check out this new report.

And if you want to know who the lawmakers are who give two hoots about their actual constituents, just read the “ratings” from bottom to top.