Our economy needs to get back on the right track, where schools are sufficiently funding and unemployment is low. We can do it if corporations pay their fair share. It will help the economy and American citizens.
Corporations are taking advantage of tax loopholes, which are undermining our democracy and hurting our economy. Multinational corporations account for more than $26 billion of the lost tax revenue, while American citizens are left to pay the difference. Corporations are adding to the rising debt of the country; in return, they are profiting. At the end of 2011, 290 of the top Fortune 500 companies using tax havens collectively held $1.6 trillion in profits outside the United States, up from $1.1 trillion in 2009.
Why are deep cuts to public programs the only answer to the budget problem, while there is a common-sense answer right in front of us? Closing tax loopholes for corporations will add billions of revenue to the country.
Corporations must be held to the same standards as individuals when it comes to taxes. It is time Congressman Tom McClintock takes the right action to close corporate tax loopholes and to ensure corporations pay their taxes.
Hailie Ingman, Antelope