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Systemic Importance Indicators for 33 U.S. Bank Holding Companies: An Overview of Recent Data

March 4, 2015 Comments off

Systemic Importance Indicators for 33 U.S. Bank Holding Companies: An Overview of Recent Data (PDF)
Source: Office of Financial Research, U.S. Department of the Treasury

This brief analyzes new data about the nation’s most systemically important bank holding companies — financial institutions whose failure could pose the greatest threat to the international financial system.

Statistics of Income Bulletin: Winter 2015

March 4, 2015 Comments off

SOI Bulletin: Winter 2015
Source: Internal Revenue Service

Sole Proprietorship Returns, 2012
For Tax Year 2012, taxpayers reported nonfarm sole proprietorship activity on approximately 23.6 million individual income tax returns, a 0.5-percent increase from 2011. Profits rose to $304.9 billion in 2012, a 7.9-percent improvement over the previous year. In constant dollars, total nonfarm sole proprietorship profits increased 6.0 percent in 2012. Profits as a percent of business receipts rose 1.1-percentage points to 23.4 percent, resulting in the highest level during the 25-year period, 1988 through 2012.

Foreign Recipients of U.S. Income, 2011
US.-source income paid to foreign persons, as reported on Form 1042-S, totaled $568.5 billion for Calendar Year 2011. This represents an increase of 1.9 percent from 2010. Withholding taxes on this income fell by 11.9 percent to $8.9 billion in 2011. Almost 90 percent of all U.S. source income paid to foreign persons was exempt from withholding tax. The residual U.S.-source income subject to tax was withheld at an average rate of 15 percent.

Individual Tax Returns Filed by Dependents, 1987–2011
The goal of this article is to help customers, who use individual tax data published in Statistics of Income’s annual publications, separate the data collected from tax returns filed by dependents (dependent returns) from the data collected from all individual tax returns. Prior to the Tax Reform Act of 1986 (TRA86), all taxpayers received the benefit of taking a personal exemption, including those claimed as a dependent on another person’s tax return. Separating tax returns filed by dependents from all returns claiming a personal exemption would be difficult to determine for years prior to TRA86. For that reason, the figures and tables in this article include only post-1986 tax data.

Partnership Returns, 2012
The number of partnerships and partners in the United States continued to increase for Tax Year 2012. Partnerships filed more than 3 million tax returns for the year, representing more than 25 million partners. The real estate and leasing sector contained nearly half of all partnerships (49.1 percent) and just over a quarter of all partners (28.9 percent).

Volunteering in the United States – 2014

March 3, 2015 Comments off

Volunteering in the United States – 2014
Source: Bureau of Labor Statistics

The volunteer rate was little changed at 25.3 percent for the year ending in September 2014, the U.S. Bureau of Labor Statistics reported today. About 62.8 million people volunteered through or for an organization at least once between September 2013 and September 2014. The volunteer rate in 2013 was 25.4 percent.

Older Women Workers and Economic Security

March 3, 2015 Comments off

Older Women Workers and Economic Security (PDF)
Source: U.S. Department of Labor, Women’s Bureau

How and why does the gender wage gap vary by age? How do earnings for older women differ by race and ethnicity? What is the impact of the gender wage gap and caregiving responsibilities on women’s lifetime earnings and their retirement savings? What can be done to tackle the gender wage gap and improve women’s lifetime earnings?

New Guidance to Help Protect Student Privacy in Educational Sites and Apps

March 3, 2015 Comments off

New Guidance to Help Protect Student Privacy in Educational Sites and Apps
Source: U.S. Department of Education

When signing up for a new technology, digital service, or app, there’s a simple little check box near the end that most of us don’t give much thought. But for schools and districts, agreeing to a terms of service agreement could have big implications for student privacy.

Earlier today, the U.S. Department of Education released model terms of service guidance to help schools identify which online educational services and apps have strong privacy and data security policies to protect our students.

Some terms of service agreements are a tough read, even for lawyers, so the hope is that our new guidance will help school officials decide what’s right for their school and students.

Today’s guidance helps officials look for provisions that would allow the service or company to market to students or parents, provisions on how data is collected, used, shared, transferred, and destroyed, and it also guides schools on making sure they’re satisfying parental access requirements, as well as proper security controls.

State Transportation by the Numbers Profiles

March 3, 2015 Comments off

State Transportation by the Numbers Profiles
Source: Bureau of Transportation Statistics

The U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) has released the State Transportation by the Numbers Profiles 2014 – two-page collections of transportation information for each of the 50 states and the District of Columbia. The profiles include information on infrastructure, safety, freight transportation, passenger travel, registered vehicles and vehicle-miles traveled, economy and finance, and energy and environment. The profiles present highlights of more detailed tables found in BTS’ State Transportation Statistics. State-by-state data can be viewed in the United States Transportation Facts and Figures mapping application.

Legalized Tax Fraud: How Top US Corporations Continue to Profit Through Offshore Tax Havens

March 3, 2015 Comments off

Legalized Tax Fraud: How Top US Corporations Continue to Profit Through Offshore Tax Havens
Source: U.S. Senate Committee on the Budget (Sen. Bernie Sanders, I-VT)

Sen. Bernie Sanders (I-Vt.), the ranking member of the Senate Budget Committee, today called on America’s leading corporations to stop sheltering profits in the Cayman Islands and other offshore tax havens. He also urged them to stop lobbying Congress for additional tax breaks as the Business Roundtable, an organization representing some of the largest corporations in the country, is expected to do tomorrow.

Sanders issued a new report that provides a fresh glimpse into the far-reaching corporate tax avoidance strategies of large and profitable companies represented by the Business Roundtable, including what he calls the “legalized tax fraud” of sheltering profits in offshore tax havens.

The report shows for the first time how more than 50 percent of the companies represented by the Business Roundtable are collectively holding more than $1 trillion in profits in offshore tax haven countries where it is not subject to U.S. taxes.

The report also shows that several of the companies have been profitable for years but pay nowhere near the 35 percent income tax rate that nominally applies to corporate profits. In fact, according to a report last year by the Government Accountability Office, the effective tax rate for large, profitable corporations was just 12.6 percent in 2010, a figure that Sanders is asking the GAO to update today. The report also points out that a number of huge corporations – including General Electric, Boeing, Duke Energy and Verizon – not only have paid nothing in federal income tax in recent years, they received refunds from the IRS.

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