You see the money come out of every paycheck that pays your income taxes, but a nationwide oversight agency is reporting that corporations often aren’t paying their fair share.
The Economic Policy Institute, along with Illinois, Connecticut, Wisconsin, Florida, Michigan, Tennessee, and Colorado are calling for reforms in their state governments to get corporations, especially large ones like Amazon and Comcast, to pay their share of the taxes.
Nationwide, the institute argued the lack of corporate tax income created a revenue shortfall of $43 to $57 billion between 1989 and 2017.
“Tax revenues are critical to the ability of state and local governments to provide basic services to their residents. However, in recent decades state and local policymakers have consistently allowed corporations to reduce their share of taxes,” report author and EPI Director of Research Josh Bivens said. “These policy decisions should be reversed to ensure profitable businesses pay their fair share in taxes.”