Small business owners see corporate tax loopholes and accounting gimmicks used to shift U.S. profits to offshore tax havens as serious problems, according to a poll released by the American Sustainable Business Council, Main Street Alliance and Small Business Majority.
Respondents also said that big corporations and the wealthy don’t pay their fair share of taxes. They support increasing taxes on millionaire incomes, letting high-end tax cuts expire and closing the carried interest loophole that gives big tax breaks to hedge fund managers.
The poll results come as a growing number of Washington small business owners are speaking out for large corporations and the wealthy to pay their fair share of taxes. Last month, small business owners with the Main Street Alliance of Washington delivered an open letter signed by 175 business owners calling for Gov. Chris Gregoire and the state legislature to close tax loopholes instead of cutting the state budget.
“When big business and the wealthy exploit tax loopholes to avoid paying their fair share of taxes, it has a devastating affect on our local economy and communities,” said Don Orange, owner of Hoesly ECO Auto & Tire in Vancouver and chair of the Main Street Alliance of Washington. “Taxes are an investment we make in society. If we want to have a first class state, we can’t keep cutting investments in education, health care, and infrastructure that strengthen our economy, create jobs, and support the small business customer base. That’s why it’s imperative that big business and the wealthy pay their fair share. If you want to fly the American flag outside your corporate headquarters, you should be paying your way.”
Key findings from the nationwide survey include:
Nine of 10 small business owners say big corporations use loopholes to avoid taxes that small businesses have to pay.
Nine of 10 small business owners say that U.S. multinational corporations’ use of accounting loopholes to shift their U.S. profits to their offshore subsidiaries to avoid taxes is a problem.
More than two-thirds of small business owners say big corporations are not paying their fair share of taxes.
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