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EducationVotes Criticizes Corporate Tax Loopholes
The closure of the 7 largest corporate tax loopholes could provide an additional $1.5 trillion of ed funding over the next decade, says EducationVotes.
Education Votes is campaigning for the closure of corporate tax loopholes at both the federal and state levels to raise funds for investment in public education and community building services. They claim that corporate profits are at an all-time high — while corporate taxes are at an all-time low — all while small businesses and families are struggling to make ends meet.
The organization makes it case:
“There’s a growing menace and it’s coming after you and your family. The horror. The corporate tax loophole. If it had a mind you could reason with it. If it had a face you could look it in the eye. If it had a body you could contain it. Growing at a colossal rate; futures, dreams sucked away. School ravaged. Where did it come from? As it grows it takes more and more, burdening the people it leaves behind. Overpowerful. Can it be closed? Will they see a better day? Will the people stand up? How does it end?”
Education Votes estimates that closing the seven largest corporate tax loopholes will provide an addition $1.5 trillion over the next decade, and that currently ordinary families are paying around 3x the rate of tax that corporations are paying.
At the state level, support legislation that keeps corporations from shifting profits to low-tax burden states and require full disclosure of state and local incentives to corporations to ensure they pay their fair share to the states and communities where they do business.
Education Votes makes proposals for the alternative use of this lost revenue by citing some education problems that could be addressed. One of these is the current rate of preschool enrollment for children living in poverty being under 20%. They estimate that the public gain for every dollar invested in high quality preschool would be $13.
The seven loopholes they propose closing are: Deferral, the rule which allows domestic corporations to ‘park’ profits overseas indefinitely; accelerated depreciation, which allows companies to take deductions on capital equipment faster than it wears out; domestic manufacturing deduction; ‘last in, first out’ and ‘lower cost or market’ inventory accounting; fossil fuel tax subsidies; stock options loophole, which allows companies to report different profit figures to shareholders and the IRS; payroll tax loophole for ‘S Corporations’.
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