Close Big Corporate Loopholes, Fund Education

Politicians love to argue about taxes. Raise them, lower them, close a loophole here, or one over there. The National Education Association decided to jump into the fray by calling for the closure of all corporate tax loopholes in order to fund public education. With many corporations making record profits, the NEA believes they should be fairly taxed and the money directed at funding the nation’s education.

NEA believes that by closing the seven largest loopholes would provide roughly $1.487 trillion over the next ten years. They also want action on a more local level:

At the state level, support legislation that keeps corporations from shifting profits to low-tax burden states and require full disclosure of state and local incentives to corporations to ensure they pay their fair share to the states and communities where they do business.

This is a bold demand considering the influence corporations have on state legislatures. For example, Illinois passed tax breaks for Sears and the Chicago Mercantile Exchange after both companies threaten to relocate. NEA’s proposal would stop it.

The move by Sears cost the local schools millions of dollars while Illinois and other states do a poor job of testing their effectiveness.

The report released Thursday by the Pew Center on the States found that no state regularly takes a hard look at the effectiveness of all of its tax breaks. Twenty-five states and Washington, D.C., do little if any evaluation, including Illinois, which is among the states facing major budget struggles.

Some terrific oversight! NEA notes the money could do wonders for children’s education. These programs actually do work and provide a return on the investment. Quality education at a young age means a more advanced generation that can prepare and even create the next economies.

With just a portion of the $1.487 trillion dollars garnered by closing the seven biggest loopholes every impoverished child under five could attend a high-quality pre-school, the maximum Pell Grant award could be boosted to help low-income students pay for college, every school in America could receive, on average, half a million dollars to support students from low-income families and the government could finally meet its obligation to provide 40% of the financing for students with disabilities.

This just makes sense. Check out NEA’s video to promote their case.

Related Stories:

Most Ryan Budget Cuts Come From Poor, Most Tax Cuts Go To Rich

Skyrocketing Tuition: College Costs Could Reach $422K For Children Born Today

Rob from the Poor, Give to the Rich

Photo by nniknak

34 comments

David F.
David F.2 years ago

Paul references: " Special Federal Reserve Board Account no. 5525525424AM with account name of Spiritual Wonder Boy and with standing balance of US$ 2, 178, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000 reconfirmed and reconsidered matured audit dated December ...............

If it's on the internet it has to be true? Then there are millions of gullible that believe anything, if is disparaging a corporation or a bank.

paul h.
paul h.4 years ago

check out this loop

all informed people will be astounded

http://alcuinbramerton.blogspot.co.uk/2012/01/global-banking-crisis-what-global.html

KS Goh
KS Goh4 years ago

Thanks for the article.

Linda T.
Linda T.4 years ago

Month after month congress has voting against our interest and their poll numbers are rising? Makes no sense.

Jacobo Van
Jacobo Van4 years ago

Nice move - should be the line drawn in the sand. Stand Fast. Lean all the way Forward. God bless

Jason S.
Jason S.4 years ago

thanks

iii q.
g d c.4 years ago

ty

David F.
David Fletch4 years ago

We are all working with great enthusiast to close those corporate loop holds so we can all pay more for gas, groceries, loans, cars, medicine, and healthcare. Solyndra, the GSA, and the 20,000 government attorneys in DC need more money.

Ron B.
Ron B.4 years ago

That would be great, but good luck eliminating those loopholes! Obama has proposed lowering the corporate tax rate from 35% down to 28%. That's bad enough, but with loopholes, the actual tax rate for many, if not most corporations is closer to only 6-7% anyway. I'm in the middle-class and my tax rate is around 25%, but with no meaningful loopholes to speak of. Those with less pay more while those with more pay less. It sucks.

Lynda Duke
Lynda Duke4 years ago

...continued.....

corporations buy the elections. WE need to change our nation's thinking, remove those in office that would find every way to escape their citizen duty of paying up, like the rest of us! (God and Goddess, bless this nation - lets get it straight!)