|Its time to stop the corporate
Big businesses and corporations have been dodging their corporate tax responsibility for too long.
Theyve used the cover of state tax law loopholes to duck their fair share of taxes.
Over the past 30 years, big businesses share of state tax revenue has declined by 50 percent as theyve taken advantage of loose tax laws.
Corporations are dodging nearly a billion dollars in taxes every year.
Guess whos been making up the difference?
Ordinary taxpayers and small businesses must play by the rules, and so should big business.
But corporations use a variety of tax law strategies to avoid being hit with taxeslike running as fast as they can to reincorporate existing businesses in tax abatement zones created to reward companies that create jobs. Schemes like reincorporating dont create jobs,
but they do let big business owners
dodge up to $250 million in tax payments annually.
Or they shift income earned in New York to subsidiaries in countries or states where that income is not taxable, successfully ducking $400 million in yearly tax payments.
These are just two of the many tax dodges big businesses have been using to sidestep their fair share of taxes.
We need to put an end to this game.
Its time to make big corporations play fair, and pay fair.
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This Newspaper ad
appeared in the January 5, 2004 edition of the The
Legislative Gazette It was created by PEF's Public
Relations Dept. © Copyright 2004