We stand up for a Massachusetts where everyone gets a fair shot, does and pays their fair share, and plays by the same rules.
Thanks to corporate tax loopholes, huge, multinational corporations hide money profits offshore. Hoping to spur the economy, in 2004, the government created a “tax holiday” and allowed these corporations to bring back profits, tax free.
According a new report authored by Center for Effective Government and released by Massachusetts Fair Share, those businesses returned the favor with mass lay-offs. How’s that for “holiday spirit.”
After the holiday for offshore accounts, 58 firms brought in $218 billion in profits and saved $64 billion in taxes. But over the next two years, those firms shed 600,000 jobs. The money gained in the holiday was not used as the companies promised with some reports showing that 92% of the profits were used to reward stockholders and buy back shares.
Further, the new study looked to see what connection corporate tax rates had to creating jobs. Is there any credibility to the claim that if the big mean government forces companies to actually pay their fair share, our economy will go down the tubes?
Nope! No credibility to that at all:
Currently, large businesses have more than $1 trillion in liquid or cash assets yet choose not to invest in new jobs. It’s time to end these useless (and pretty much offensive) loopholes, and make everybody pay their fair share.