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News Release | U.S. PIRG Education Fund | Democracy, Tax

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – U.S. Public Interest Research Group (U.S. PIRG) and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

Report | U.S. PIRG Education Fund | Democracy, Tax

Representation Without Taxation

Marking the second anniversary of the Supreme Court’s decision in the Citizens United vs. Federal Election Commission case – which opened the floodgates to corporate spending on elections – this report takes a hard look at the lobbying activities of profitable Fortune 500 companies that exploit loopholes and work to distort the tax code to avoid billions of dollars in taxes.

The U.S. Chamber of Commerce and powerful music, film and publishing titans have gone too far in demanding that the Internet as we know it -- an engine of innovation, freedom, democracy, commerce, idea-sharing and entrepreneurship -- be throttled down so that their legitimate problems with offshore pirates can supposedly be solved. They think every problem is a nail but their only tool is a hammer, a sledgehammer. Their bills won't hammer the nail, but they will hammer you, me and the Internet.

To lessen online banking risks, lessen consumer liability risks

By | Ed Mierzwinski
Consumer Program Director

In addition to a story on the Zappos' hack, the New York Times also has an editorial "Convenient, but How Secure?" on the growth of online banking and new regulations being implemented that should lessen fraud loss risk.

FTC settles claim with Rx monopolist CVS Caremark

By | Ed Mierzwinski
Consumer Program Director

Last week, the Federal Trade Commission announced (news release) that CVS Caremark Corporation (pdf of the complaint) will "pay $5 million to settle Federal Trade Commission charges that it misrepresented the prices of certain Medicare Part D prescription drugs – including drugs used to treat breast cancer symptoms and epilepsy – at CVS and Walgreens pharmacies."

WSJ: Bank of America Ponders Retreat

By | Ed Mierzwinski
Consumer Program Director

Today's Wall Street Journal offers the story "Bank of America Ponders Retreat." It discusses a BofA emergency plan for retrenchment that would include further branch shrinkage than currently-expected reductions.

Justice Department: Recess appointments to CFPB, NLRB were legal

By | Ed Mierzwinski
Consumer Program Director

Here's a link to a Reuters story that links to the Justice Department memo that confirms the president's legal authority to do last week's recess appointments of Rich Cordray to head the CFPB and three others to sit on the NLRB.

Free tax prep at Walmart? It isn't really free, for some 84% or so of you

By | Ed Mierzwinski
Consumer Program Director

I've been quoted recently (Reuters via Baltimore Sun)  warning consumers that getting your taxes done for "free" in an HR Block kiosk at Walmart and then getting your tax refund on a Walmart prepaid card comes with pitfalls, including (1) fees and (2) the chance that you'll just dump the money on the card into impulse purchases at Walmart, which "is not your friend."

Professor's paper on "Industry's Misguided Quest to Undermine the CFPB"

By | Ed Mierzwinski
Consumer Program Director

Last fall, U.S. PIRG co-hosted, with Americans for Financial Reform and the Consumer Federation of America, an academic symposium featuring a discussion of a forthcoming paper by Professor Art Wilmarth of George Washington University Law School,  perhaps the nation's leading bank law scholar. I am pleased to report that a close-to-final draft of Professor Wilmarth's paper -- The Financial Services Industry’s Misguided Quest to Undermine the Consumer Financial Protection Bureau -- is now available for review at the AFR website and will be published in the Spring 2012 issue of the Review of Banking and Financial Law at Boston University Law School.

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