- Pennsylvania Among 'Terrible 10' Most Regressive Tax States
- February 4 Non-Partisan Training: HOW TO RUN FOR ELECTION BOARD IN 2013: HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Republican Governors Opt-In to Medicaid Expansion
- The Reports of Unions' Death Are Greatly Exaggerated
- Ask Allyson Schwartz to run for Governor
- Mind the gap: Opting Out of Medicaid Expansion Leaves Low-income Families Behind
- Jan. 14 Workshop:HOW TO RUN FOR ELECTION BOARD IN 2013; HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Seth Williams on Guns, Jasmine Rivera on School Closures @PFC Meetup Wednesday
- PA Revenue Strong Midway Through Year; Tax Cut Could Have Big Impact
- What to Make of the Fiscal Cliff Deal?
'Close the Tax Loopholes' Day
Today is Tax Day, but perhaps we should rename it "Close the Tax Loopholes Day." That is the message delivered by Sharon Ward, Director of the Pennsylvania Budget and Policy Center, in an op-ed in Friday's edition of The Pittsburgh Post Gazette. Here's a highlight:
Many Pennsylvanians will grumble this week as they race to file their tax returns on time. Others will be laughing all the way to the bank.
Take General Electric, the nation's largest corporation. You would expect G.E. to have a pretty sizeable tax bill, right? Think again.
Despite worldwide profits of $14.2 billion (including $5.1 billion in U.S. profits), G.E. owed Uncle Sam nothing in federal taxes. In fact, the company got $3.2 billion back in tax benefits.
At a time when Washington is cutting a wide array of critical services — from food for nursing women and infants to heating assistance for seniors — policy makers continue to look the other way when it comes to tax loopholes.
These loopholes allow corporations to shift foreign profits into accounts in Ireland, the Netherlands and Bermuda to avoid U.S. corporate taxes. These gimmicks are so well known they have nicknames — the Double Irish and the Dutch Sandwich — and they have a huge cost, as much as $90 billion a year.
The giveaways are alive and well in Pennsylvania's antiquated tax system, too.
If your family earned more than $33,000 this year, congratulations! You paid more in income taxes than 85 percent of Pennsylvania corporations. Seventy-four percent of Pennsylvania corporations did not pay one dime in income taxes.