A Massachusetts advocacy group, Raise Up Massachusetts, is pushing for legislation to combat offshore corporate tax evasion that could generate millions in state revenue. The proposed bill, S.2033, seeks to significantly increase taxes on mega-corporations like Apple and Amazon, boosting the Global Intangible Low-Taxed Income (GILTI) from 5% to 50%. This change aims to ensure that these corporations are not evading substantial portions of taxable income. The bill is currently under review, with proponents noting its potential to fund vital services like healthcare and education amid looming federal budget cuts.
The proposed legislation, if passed, would increase the GILTI tax from 5% to 50%, aligning it with federal mandates and aiding in state revenue.
State Senator Jason Lewis highlighted that the taxable income from mega-corporations could significantly boost funding for healthcare and education amidst federal budget cuts.
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