To: The Massachusetts Joint Committee on Revenue
Stop a $79 million corporate tax heist in Massachusetts
Massachusetts Fair Share
Massachusetts should take action now to save $79 million by closing a loophole which allows companies to dodge taxes with offshore tax havens (H2477, S1524).
Just about anything would be a better use of $79 million than letting huge, multinational corporations hide profits in tax shelters like the Cayman Islands.
Why is this important?
Where is Massachusetts going to get the money to improve the T, expand early education to every child or invest in job growth? Well, we can start by looking at the Cayman Islands.
Corporations dodge taxes by booking profits made here to offshore tax havens that levy little to no tax.
It’s about time that these corporations start living by the same rules as the rest of us. It’s time to close these loopholes and invest in an economy that works for everyone. Oregon and Montana have already passed laws to recoup money stashed in offshore tax havens. If we enacted the same policy here in Massachusetts, it would generate $79 million dollars, and legislation has been filed in both the State House and Senate. [1]
On Tuesday, June 9, legislators will be considering this bill at a meeting in the statehouse. Massachusetts Fair Share hand deliver all your signatures at that time. Massachusetts legislators are hearing plenty from the big corporations. Help us make sure they hear your voice, too.
1. Full text of the bill available here: https://malegislature.gov/Bills/189/House/H2477