Today, representatives from 99% NY, Strong Economy for All, New Yorkers for Fiscal Fairness, the Fiscal Policy Institute, Citizen Action of New York, elected officials, and concerned activists met at the Capitol to discuss the need for corporate tax reform.
New York should raise needed revenue and restore fairness to the tax code by reforming our state corporate tax structure and closing a variety of corporate tax loopholes to make sure small business and big business play by the same rules, and that higher profits are taxed at reasonably higher rates.
Last year’s effort to make the PIT more progressive and more fair should continue in 2012 by reforming corporate taxes to close loopholes, end costly and ineffective tax subsidies, and fix shortcomings that unnecessarily reduce tax collections and limit resources needed to maintain and invest in the infrastructure, services and educated workforce that foster long-term economic growth.
From the press release:
A recently released report from Citizens for Tax Justice and the Institute on Taxation and Economy Polciy entitled, ‘Tax Dodging in the 50 States,’ found that many highly profitable companies are paying very little in state corporate income taxes throughout the country. The report also shows that many NYS based companies like Travelers, American Express, Verizon, Goldman Sachs and Rupert Murdoch’s news Corporation are paying a lower tax rate than the average New York family of four with an income of $58,000 a year.
A broad ranging coalition of community, labor, faith and Occupy groups have a plan to reform New York’s corporate tax structure that is focused on three main principles: enforcement, fairness, and transparency. The plan includes:
- Requiring real estate partnerships to pay the taxes they owe
- Reforming New York’s Corporate Alternate Minimum Tax
- Taxing nonresident hedge fund management fees
- Eliminating the Carried Interest Exemption under New York City’s Unincorporated Business tax
- Cracking down on schemes that create “nowhere income”
- Requiring public disclosure of corporate tax payments for publicly-traded companies