Among the outlandish bills sponsored by Republican lawmakers I mentioned recently was one that would have repealed the state income tax on corporations.
It didn’t pass. Now don’t be surprised if the bill resurfaces when the GOP takes over the Legislature in January. Is it mere coincidence that new Republican governors in South Carolina and Florida have proposed the same idea as a priority in their 2012 legislative sessions?
As the corporate no-tax push in Republican legislatures seems gaining headway, a timely report has been issued by two non-profit tax-study groups. It shows that a high percentage of major companies dodged state corporate income taxes during a three-year period beginning in 2008.
Citizens for Tax Justice and the Institute on Taxation and Economic Policy studied returns of 265 corporations among the Fortune 500 that disclosed what they paid in state and local income taxes.