Apr 11, 2012

A Tax Cut That Makes Sense

There’s been a lot of talk lately about cuts. For instance, the Ryan budget cuts job training, food safety standards, and our nation’s social safety net in order to provide even more tax cuts to the wealthiest Americans.

It’s true that we do need to make cuts, but it shouldn’t be from the programs that keep us healthy, well fed, and well educated. These programs are life lines. They make it so anyone, no matter what their socioeconomic status, has a level playing field and a chance at making their dreams come true.

Cutting these programs only furthers the gap between the rich and the rest. We should cut programs that make sense to cut.

This is why today we’re urging everyone to sign the petition to close corporate tax loopholes. Closing the seven largest corporate tax loopholes would provide an estimated $1.487 trillion in additional revenues over the next decade.

Public education programs across the nation would see benefits immediately. Children living in poverty would have expanded access to preschool. The maximum Pell Grant award could be boosted to help low-income students worry more about succeeding in school than how to pay for it. Every school in America could receive, on average, half a million dollars to support students from low-income families.

The best part about all these possible benefits is that closing these corporate tax loopholes simply makes sense.

Right now corporations are able to take deductions on capital equipment faster than they wear out. Oil and gas companies are seeing near record profits yet they’re receiving subsidies. Worst of all, domestic corporations are allowed to park profits overseas indefinitely to avoid paying U.S. taxes.

It is the height of absurdity that today’s corporate tax loopholes allow multi-national corporations, who are earning record profits, to avoid paying taxes that are intended to support the communities where they do business.

Sign the petition HERE to cut corporate tax loopholes so we can invest in America again.

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