Tuesday, July 1, 2008

Stop the Loopholes

The Boston Globe recently weighed in on the current corporate tax reform recommending that "simplifying and lowering the corporate tax rate" would induce businesses to “locate and expand in Massachusetts.”

In its study of business taxation last April. the Beacon Hill Institute recommended cutting the corporate income tax to 5.3% and making it uniform for all corporations. Simplification and reduction in the corporate income tax would provide the necessary stimulus to grow the Massachusetts economy. It would also send a message to business that the new, slimmer code and rate would be predictable and unencumbered by exceptions. The House and Senate corporate tax bills took a pass on BHI's suggestions. There's always a next time, when the legislature may discover that its current edition of corporate tax reform doesn't go far enough.

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