NPA in Common Dreams: Corporate Tax Cuts: Profiteers Thrive As Local Budgets Dive
By Sarah Lazare
Years after the "Great Recession" hit, 10 million people in the U.S are out of work, inequality is stuck at high levels, and vital public services are being cut nation-wide. Yet, according to a new study, corporations are making a killing during these hard times — enjoying climbing profits yet lower corporate taxes.
Entitled The Disappearing Corporate Tax Base: How to Reclaim Lost Tax Revenue to Rebuild State Budgets, the report was published Thursday by the Center for Effective Government and National People’s Action.
Its authors argue that the decreases in corporate income taxes since the beginning of the recession have "demonstrably harmed state and federal budgets and the provision of services those funds pay for." According to the report, this decline in corporate taxes is a long term trend that has continued throughout the great recession, as the following graph from the report shows. Between 2008 and 2012, corporate taxes decreased in 35 of the 46 states that have corporate income taxes, according to the report.
Click here to read the full article on Common Dreams.