Advocacy group Raise Up Massachusetts argues that the state is losing significant taxable income due to offshore tax dodging by global corporations. They are advocating for a Corporate Fair Share bill that would increase the GILTI tax from 5% to 50%, aligning with federal levels and addressing the state’s $1 billion revenue shortfall. The proposed legislation aims to raise funds for vital health and human services, especially in staffing and wages for care workers, amidst looming federal budget cuts.
"As Massachusetts faces the potential for billions of dollars in federal budget cuts that threaten our healthcare and education systems, we must raise new revenue to prevent devastating cuts to the public services that our children, families, and seniors depend on."
"By asking the world's largest corporations to pay their fair share in taxes on the profits they earn in Massachusetts, we can raise significant new revenue and protect our state's economy from the impact of federal budget cuts."
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