Maine lawmakers are considering legislation to require corporations to reveal the amount of state income taxes they pay.Supporters of the bill say more state level data are needed to determine the extent of corporate tax avoidance.Maura Pillsbury, tax policy analyst for the Maine Center for Economic Policy, said too often corporations use tax loopholes and accounting schemes to avoid state taxes while benefiting from millions of dollars in state subsidies and tax breaks.”We’re hopeful that this information will really help give Mainers and the legislature a picture of if our tax system is functioning the way it’s intended and if everyone is paying their fair share,” Pillsbury explained.Pillsbury argued businesses asking for public funds should be accountable to the public. The bill has faced some pushback from businesses concerned with privacy but the measure has so far received bipartisan support.A report by the Institute on Taxation and Economic Policy finds more than 100 of America’s largest corporations paid no income taxes for at least one year following the 2017 corporate income tax cuts instituted under former President Donald Trump.Pillsbury pointed out corporations rely on taxpayer-funded roads, bridges and other critical infrastructure — even an educated workforce — to earn their profits, yet fail to give back to the state.”We have small businesses right in our communities that are struggling to compete with big corporations while they’re using all of these public services,” Pillsbury emphasized. “It’s really important to know if they’re paying their fair share into all these things that help Maine prosper.”Pillsbury added corporations reveal data in their Securities and Exchange Commissions filings to their shareholders and if Maine is investing in these businesses, they deserve the same information.
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