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Joe Biden warns 'oligarchy is taking shape in America' in farewell address; NJ gov continues advancing progress on climate goals; Report: If Congress guts Medicaid, rural America would notice; TX nonprofit calls trees good for your health, cooling your neighborhood.

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Confirmation hearings continue for Trump's nominees, Biden says American hostages will be released as part of an Israeli-Hamas ceasefire deal, and North Carolina Republicans try new arguments to overturn a state Supreme Court election.

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"We can't eat gold," warn opponents of a proposed Alaskan gold mine who say salmon will be decimated. Ahead of what could be mass deportations, immigrants get training about their rights. And a national coalition grants money to keep local news afloat.

Corporate Tax Avoidance Continues Under New Code

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Monday, December 23, 2019   

DENVER - In the first year of the Trump administration's new tax law, 91 Fortune 500 companies didn't pay a dime in federal income tax, according to a new study by the Institute on Taxation and Economic Policy.

Report co-author Matthew Gardner, senior fellow at the institute, said using legal loopholes, corporations avoided paying $74 billion into the nation's coffers in 2018 alone.

"These companies aren't simply following the law; in many cases, they wrote the law," Gardner said. "These corporate tax cuts were enacted because of a very aggressive lobbying strategy by the business community."

Gardner pointed out corporate tax cuts and loopholes have been enacted by Congresses and presidents of both major parties for the past two decades. Champions of the new tax code argued lowering corporate rates would lead to increased investments and higher wages, and would increase federal revenues by removing tax shelters.

Gardner said, outside of a few one-time bonuses, wages for most workers have not gone up, and most companies used the extra cash to buy back stocks, not open new factories. He said if the nation's largest corporations continue to avoid paying their fair share, there could be across-the-board cuts in public investments.

"Making our highways passable, making our health-care system better, making our education system better. All of these things are things that we value" he said. "And they're things that will be un-fundable if we continue to allow the corporate income tax to be drained."

The new tax law lowered the corporate rate from 35% to 21%, but researchers found the average tax rate actually paid by companies was just 11%. Tax rates for 56 companies were between zero and 5% in 2018. Corporate tax revenues are near historic lows as a share of the nation's GDP, at just 1%.


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The ceasefire deal announced Wednesday is similar to one announced by President Joe Biden last May. (Robert/Adobe Stock)

Social Issues

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Leaders of California's Jewish and Muslim communities say they're relieved that Israel and Hamas have taken the first steps toward ending their brutal…


Social Issues

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If you are a woman age 50 and older, and you provide care for a parent, a child, a loved one or neighbor, you are invited to sign up for a weekend …

Environment

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Virginians are buying more electric vehicles and need more charging stations but they are not being built across the state equally. House Bill 1791 …


Climate change threatens many New Mexico crops, including chiles, onions, garlic and pecans. (TatianaEvdokimova/Adobe Stock)

Environment

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Experts agree climate-smart agriculture will be critical in the fight against climate change. But with a divided Congress and no update to the Farm …

Environment

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Illinois plans to spend $1.5 billion through 2027 in significant grid investments to help meet the state's ambitious clean-energy goals, with nearly …

The Oregon Nurses Association says Providence Health has been spending more than $25 million per week on replacement nurses, or $1,400 per nurse per day. (ONA)

Social Issues

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After five days of Oregon's largest health-care strike, including the state's first doctors' work stoppage, Providence Health announced it is ready …

Environment

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This week, four tribal nations and environmental groups urged the Michigan Court of Appeals to overturn the state's approval of Enbridge's Line 5 …

Environment

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By María Ramos Pacheco for The Dallas Morning News.Broadcast version by Freda Ross for Texas News Service reporting for the Solutions Journalism …

 

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