Small Businesses Call for Corporate Buffett Rule
New Report Shows GE, Verizon and 35 Other Big Businesses Paid No
Income Tax in 2010 on Combined Profit of $50 Billion
WASHINGTON–(BUSINESS WIRE)–Statement from business
for Shared Prosperity, Main
Street Alliance and American
Sustainable business Council, who together represent over
300,000 businesses and business men and women:
“We shouldn’t reward companies like GE and
Verizon who dodge their taxes and stick us with the bill.”
The report released today by Citizens for Tax Justice and the Institute
on Taxation and Economic Policy underscores the need for tax reform to
close loopholes that reward Big business for offshoring U.S. profits and
jobs, robbing our nation of needed revenues.
The 280 profitable large corporations in the report paid an effective
tax rate of half the official rate; 37 of them paid no income tax at all
on combined 2010 profits of $50 billion. That $50 billion is more than
50 times the entire budget of the Small business Administration.
Corporate taxes funded more than a quarter of federal outlays in the
1950s; last year they funded just 6 percent. As we said in our joint
letter Tuesday to the Congressional Supercommittee, we need to level
the playing field for small business, stop corporate tax dodging, and
raise revenue to rebuild the infrastructure and public services that
underpin our economy.
“We need a Buffett Rule for corporations as well as wealthy
individuals,” said Scott Klinger, director of tax policy for business
for Shared Prosperity. “Warren Buffett spotlighted the madness of a
tax code that lets him pay a lower rate than his secretary. Likewise,
Big business shouldn’t be paying lower taxes than small businesses.”
“Big businesses are getting away with taxation murder,” said Frank
Knapp, President and CEO of the South Carolina Small business
Chamber of Commerce and Vice Chairman of the American Sustainable
business Council. “They pay little or no taxes on massive U.S.
profits and then have the gall to lobby for lowering the ‘high’
corporate tax rate. Patriots pay their taxes; they don’t dodge them.”
“It would be budgetary suicide to accept corporate tax reform that
doesn’t raise new money,” said Kelly Conklin, owner of Foley-Waite
Associates in Bloomfield, NJ and Main Street Alliance steering
committee member. “We shouldn’t reward companies like GE and
Verizon who dodge their taxes and stick us with the bill.”
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Article source: http://www.businesswire.com/news/home/20111104005788/en/Small-Businesses-Call-Corporate-Buffett-Rule
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