|Lets stop big business from
skating on paying fair taxes.
Big businesses and multinational corporations arent paying their fair share of taxes.
Theyre gliding through huge state tax loopholes, which allow them to avoid nearly $1 billion dollars each year in taxes.
Over the past 30 years, big business share of state tax revenue has declined by 50 percent as theyve profited from loose tax laws.
Guess whos making up the difference?
Ordinary taxpayers and small businesses dont get to slide out of their tax responsibility and neither should big businesses.
But corporations have slid changes into New Yorks tax laws that let them slip out of paying their fair share.
Like adding loopholes to the states Alternative Minimum Tax law.
The states Alternative Minimum Tax was implemented in 1987 to ensure that all businesses paid some tax on income they generated in the state, even if they were able to use loopholes and tax avoidance schemes to eliminate their tax liability.
But over the years, big businesses have found new ways to skate around their tax duty.
They got the law changed to allow corporations to move their income forward or backward several years, to reduce their tax liability in flush years. This and other loopholes saved them from paying a quarter of a billion dollars in taxes each year revenue the state could sorely use to close its $6 billion budget gap, and continue providing vital public services.
This is just one of many corporate tax loopholes big businesses have been gliding through to skate on their taxes.
New York is on thin ice.
Its time to end the freeskate program and reform New Yorks Alternative Minimum Tax law.
Close corporate tax loopholes, and make big business pay their fair share of taxes, too.
Its time for big business to hang up the skates.
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This Newspaper ad
appeared in the January 12, 2004 edition of the The
Legislative Gazette It was created by PEF's Public
Relations Dept. © Copyright 2004