Corporate Tax Loopholes Targeted
By H. Wicai, KWMU
St. Louis, MO – On Tax day - one group is calling for corporations to pay their fair share.
The Fair Taxes for All Coalition released a report Tuesday that attempts to debunk some myths about corporate tax loopholes.
Some argue that if loopholes like The Geoffrey loophole, are closed, businesses will leave Missouri. But John Hickey with the Coalition says it's not so.
The fear of businesses leaving is a red herring. It's not true. We looked at one corporation, Toys-R-Us, and we looked at 23 states that have already closed this loophole and we found that Toys-R-Us operates in all 23 of those states, Hickey said.
Missouri's Governor Bob Holden has proposed closing 11 loopholes that would generate $186 million a year in tax money.