State Losing Millions to Tax Dodgers?

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Is the guy saying that the corporations haven't held up their end of the bargain by creating jobs or whatever the tax incentive was supposed to be for? Or is he implying that even taking legal tax exemptions is tax dodging? If it is the latter, aren't we all tax dodgers? lol

Just because something is legal, it certainly doesn't make it right.

The problem is that there are way, way too many "legal loopholes" for corporations. Big oil is subsidized by tax dollars on one hand and are making record profits on the other. Same with food companies: 75 percent of farm subsidies go to 10 percent of food producers ... factory farms. Multi-nationals hide their assets in shell corporations on tax-free islands in the Caribbean. Wall Street banks received billions in tax-payer bail outs (from George W. Bush) and just a couple of years later, they have neither changed the way they do business (i.e., they continue to put the economy at risk daily), nor have they stopped paying obscene amounts of money to their executives.

And many of them pay no income taxes whatsoever. These companies suck wealth out of America every day—they have whole departments dedicated to finding new, creative ways to "get around" paying taxes. That's hardly the same as taking a deduction on your personal income taxes. It's not even on the scale.

Sure, there are plenty of things that are legal that are just wrong. I would put the bail outs of the banks right up at the top of the list.

I am with you that there are too many big corporate fat cats with sweetheart deals. Both parties do it and it's wrong every time.

But we do want business and we do want jobs. Lawmakers pat themselves on the back when they land these deals with companies. They brag that they created x amount of jobs. Isn't there some kind of cost/ benefit analysis done to see if the deal is even any good? That we will grow our tax base, by adding taxpayers from new personnel and the jobs that spring around an industry, more than what we are giving up in the tax credit the company gets for adding the workers or opening the plant or whatever. Does anyone ever check that the jobs have been created? or the threshold was met for qualifying for the credit/ exemption in the first place?

We need a lot of tax reform in Mississippi.

I am proposing to help businesses by eliminating the Inventory and Franchise taxes and exempting or reducing sales tax on business machinery and equipment.

To make up for those items, I will broaden the sales tax base by reducing some service exemptions, reduce or eliminate some non-productive credits and exemptions, repeal the constitutionally questionable business capitol gains tax exemption and instead tax it at a low rate.

I will also look at using Combined Reporting for out of state businesses to prevent them from leeching profits out of Mississippi and not paying appropriate taxes. Companies receiving tax credits for specific purposes - such as creating good paying jobs - will be held accountable for those credits and loose them if they do not meet minimum standards to qualify.

Finally, I propose a 1% minimum tax rate. There will be only a 20k exemption for individuals and some kind of Payroll exemption for businesses. This would be a "least amount owed" instead of a new tax, meaning deductions and exemptions could not lower the tax bill below 1% of Gross Income after the first 20k. I currently pay 3.4% of my total income in state taxes after all my deductions. After the 20k exemption I propose, I would be paying 6.4%, so with myself as a comparison, I don't think this will affect the majority of tax payers at all. It will, however, make sure that everyone who can afford it is contributing something to running our state.

The goal is to reduce paperwork, reduce complexity and fund the programs our state needs while trimming those programs we don't.

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There definitely needs to be a reduction of the grocery tax, one of the most (if not the most) regressive in the country.

Corporations that take advantage of legal loopholes are no different than individuals who take every available deduction and credit.

Tax credits are one thing. Not paying taxes and still getting credits and refunds are quite another.

Not sure why we are targeting the corporations. Target the legislators.

Also, lots of corporations are promised tax breaks by providing jobs just as WMartin mentioned.

However, cases like Kelly's Kids takes it to a whole 'nuther level. Ask around if you want details of how they duped Mississippi.

Not sure why we are targeting the corporations. Target the legislators.

Yep, that's what the corporations (and the U.S. Chamber) do. Works well for them, too, as we all know.

It'd be one thing if the corporations were using those "tax breaks" to create jobs. They're currently sitting on trillions of dollars in profits and are not using them to create jobs. Same with the banks. They're being spend-thrifts with credit (which, in regards to the collapse of 2008, may not be a bad thing, to a degree), thus lots of small businesses don't have access to capital to expand and create jobs. As far as the corporations not creating jobs, what's preventing them from doing so?