You pay taxes: Why doesn’t General Electric?
Frank Clemente | 4/17/2014, 11:34 a.m.
Last week, a U.S. Senate committee voted to renew the GE Loophole and a raft of other questionable tax breaks, including breaks for owners of thoroughbred racehorses and NASCAR racetracks. The Senate will vote on the tax package in May. If it passes, the entire $86 billion cost will be tacked onto the budget deficit. You will end up paying part of the bill.
Why should you care about the GE Loophole or about some big corporations paying nothing in federal income taxes? It’s because when corporations refuse to pay their fair share, you end up paying higher taxes or getting less for what you pay. You get a worse transportation system, a poorer educational system, less reliable public safety, a weaker national defense, a less secure retirement and a bigger budget deficit.
So this tax season, don’t be fooled by the lobbyists and spinmeisters who argue that corporations should be paying less in taxes. Many are already paying far less than they should, and some are paying nothing at all. Let’s plug up those corporate tax loopholes, like the one that gives huge tax breaks to companies that ship jobs and profits offshore. It’s time they pay their fair share —just like the rest of us.
Frank Clemente is executive director of Americans for Tax Fairness.