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PSN on April 12, 2007 - 9:16am
As we noted in our tax reform conference call last week, there are movement in many states to enact "combined reporting" reforms to prevent companies from using accounting games among corporate subsidiaries to avoid state taxes. The Center for Budget and Policy Priorities has a new report highlighting this trend, while a number of local organizations have reports on the need in their states:
New Jersey Policy Perspective released Big Firms Get Big Breaks.
The Institute for Wisconsin's Future released Broken Partnerships on how the business sector underpays taxes by over $1 billion.
The Iowa Policy Project released Leveling the Playing Field
- Ocean State Action released Tax Tricks: Corporate Income Tax Evasion in Rhode Island
In a broad economic review of why wages have stagnated in the post-1973 period, the Center for Economic and Policy Research (CEPR) has a new analysis highlighting the far lower productivity growth in the 1973 to 2006 period compared to 1948 to 1973, a period when wages grew dramatically. CEPR emphasizes that this recent period of lower wages and rising economic inequality coincides with the enactment of conservative trade policies, deregulation of major industries, and tax breaks for the wealthy.
Some have defended the subprime predatory lenders by arguing that they at least expanded home ownership, but a new report by the Center for Responsible Lending found that because so many people were ensnared in unsustainable debt leading to foreclosures, subprime lending has led to or will lead to a net loss of homeownership for 1 million families.
Showing that tech jobs are not an economic panacea, Working Partnerships USA examines life for working families in Silicon Valley in a new report and finds that wages and jobs are still below their peaks in the early part of the decade, even as living costs remain high and foreclosures are up.