BSP In the News
- The Hill: Frank Knapp, Small business opposes multinational corporations' tax avoidance
- Minimum Wage News at our BUSINESS FOR A FAIR MINIMUM WAGE website
- The Hill: Report: Taxpayers shoulder burden for offshore tax haven use
- Paramus Post (NJ): Offshore Tax Havens Cost Average Taxpayer $1,026 a Year, Small Businesses $3,067
- U.S. PIRG, Sen. Levin, Small Business Leaders Release "Picking up the Tab 2013: Average Citizens and Small Business Owners Pay the Price for Offshore Tax Havens"
- American Forum: Scott Klinger, Half Time at the Federal Budget Super Bowl
- Philadelphia Daily News: Talking Small Biz
- Triple Pundit: Don’t Blame Google and Starbucks For Minimizing Tax Bills
- Roll Call: Time for Plan C - Close the Floodgates on Corporate Tax Dodging
- CFO: Small Biz, the Fiscal Cliff, and the Big, Bad Bank
- Westerly Sun: Business leaders urge change in tax system
- McClatchy Tribune News Service: A plea for tax fairness from small businesses
- UPI: 'Fiscal cliff': Is there a Plan C to avoid tax increases, spending cuts?
- Madison Capital Times: Wisconsin business owners join national call to raise corporate taxes
- Charlotte Observer: Charlotte small business owners urge tax reform
- Politico: 'Revenue-neutral' tax reform takes hit
- National Journal: Sen. Levin, Small Businesses Push for Corporate Tax Hikes
- Washington Post: Sen. Levin wants corporate tax revenue in a fiscal cliff deal
- The Hill: Corporate revenues must be in debt deal
- Accounting Today: Small Business Leaders Urge Closing of Corporate Tax Haven Loopholes
Washington Post: Sen. Levin wants corporate tax revenue in a fiscal cliff deal
By Suzy Khimm
Washington Post, Dec 14, 2012
This week marked the first time that President Obama has explicitly proposed corporate tax reform as part of his offer on the “fiscal cliff” — something that Republicans and large corporations have long been gunning for. But advocates for higher taxes on corporations worry that the White House and Congress will end up passing a fiscal cliff deal that would fail to force big companies to pay their fair share.
“Our nation cannot afford ‘revenue neutral’ corporate tax reform that leaves corporate taxes as a share of our economy at historically low levels,” a coalition of business leaders wrote in a letter to Congress and the White house, calling for legislators to reject a fiscal cliff compromise “that would lock in today’s historically low levels of corporate tax receipts.”
The advocates have attracted the support of Democratic legislators like Sen. Carl Levin, who argues that corporations, too, should be contributing net revenue to deficit reduction, rather than just finding savings through entitlement programs and the small businesses who pay their taxes through the individual tax code. …
However, the Obama administration has already suggested that they’d be willing to support to a revenue-neutral corporate tax overhaul, rather than one that raises net revenue as Levin and advocates are pushing for. The White House put out a tax plan in February that raises $250 billion over 10 years by closing tax loopholes, but it also reduces the corporate tax rate from 35 percent to 28 percent, which outside analysts say make the proposal revenue-neutral. ...
So while “the President is committed to corporate tax reform that does not add a dime to the deficit,” as its February outline says, it’s also a plan that doesn’t reduce it, which the advocates behind the letter — the American Sustainable Business Council, Business for Shared Prosperity, and the Main Street Alliance, a small-business group — find objectionable.
The advocates’ most immediate concern is that Congress and the White House will end up locking the government into revenue-neutral corporate tax reform as the “step two” part of a fiscal cliff deal, which they believe would let corporations off the hook for deficit reduction. “The last thing we need is to freeze corporate taxes at this low level through revenue neutral corporate tax reform,” said Lew Prince, a St. Louis music-store owner who’s part of the coalition. ...
Copyright 2012 Washington Post