Close Corporate Tax Loopholes, Not Public Schools

Tuesday, April 2, 2013

If you're in a canoe that's got a hole letting in water, do you throw the other passenger overboard who is helping you row, or do you just patch the hole and keep rowing?

Chicago public schools are facing a $1 billion deficit. The corporate media would like you to believe it's due to excessive spending and that Mayor Rahm Emanuel's proposal to close more than 50 schools, most of them in low-income neighborhoods, is the only solution. But the state of Illinois loses $4.8 billion annually in federal tax dollars due to corporate tax loopholes that shift profits overseas. It doesn't take a math genius to see that simply closing these excessive loopholes would save the schools that so many kids in Chicago depend upon for their education.

These corporate tax loopholes cost us over $100 billion a year in federal tax dollars, which results in state and local budget cuts and tax hikes due to a decreased allocation of federal funds. Thecorporations most known for complex offshore tax avoidance schemes get these loopholes by spending millions on hiring armies of lobbyists and in campaign donations to chairmen and ranking members of tax-writing committees in Congress.

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