Biz Times: Business leaders call for closing corporate tax loopholes

Biz Times (Milwaukee Business News), Dec. 14, 2012

Hundreds of business leaders across the nation, including several from Wisconsin, called on Congress and President Obama today to close corporate tax haven loopholes costing the U.S. Treasury $100 billion a year and reject “revenue neutral” corporate tax reform in a fiscal cliff deal that would lock in today’s historically low levels of corporate tax receipts.

They urged lawmakers and Obama to restore tax revenues lost to corporate tax avoidance and resist lobbying by CEOs to create a territorial tax system that would reward corporations for shifting more U.S. profits and jobs overseas.

The 626 business owners and executives who signed the letter sent by the American Sustainable Business Council, Business for Shared Prosperity and the Main Street Alliance to Congress and the president said they “want a tax system that is fair and provides sufficient revenue for the public services and infrastructure that underpin our economy. When powerful large U.S. corporations avoid their fair share of taxes, they undermine U.S. competitiveness, contribute to the national debt and shift more of the tax burden to domestic businesses, especially small businesses that create most of the new jobs.”

“We need to stop the gaming of the tax system by large corporations, which undercuts small business and our whole economy,” said Lew Prince, a St. Louis small business owner and leader in Business for Shared Prosperity who recently met with President Obama at the White House. “With corporate profits at 50-year highs and corporate taxes at 50-year lows, the last thing we need is to freeze corporate taxes at this low level through revenue neutral corporate tax reform. There’s nothing neutral about big business tax dodging – it’s unpatriotic plain and simple.” ...

The Wisconsin business leaders signing the letter included: William Earley, owner, William Earley & Company LLC, Racine; Marcia Halligan, treasurer, Chrysalis Farm, Viroqua; Victoria Hargis, owner, WI Page One LLC, Burlington; Justin Harmon, owner, Justin Harmon, Tomah; Daryle Henderson, sales professional, life insurance, Green Bay; Sharon Johnson, proprietor, Johnsons Custom Leathers, Osceola; Laurel Kashinn, CEO/owner, Write Stuff Resources LLC, Cedarburg; Gary Lemke, owner, Gary L. Lemke Landscaping LLC, Potter; Robert Molthen, research professor, Marquette University; Corey Olsen, owner and CEO, Pipe Organs/Golden Ponds Farm, Delafield; Susan Peterson, office manager, Peterson Best Way Realty LLC, Ridgeway; Paul Tabili, co-owner, New Paradigm Graphics Inc., Racine; Tammara Wolfgram, manager/owner, Songbird Hills Golf Club, Hartland; Tim Wong, owner, No Limits Stamps, Madison.

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