Washington small businesses support closing tax loopholes and raising revenue

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Main Street Alliance of Washington

Today the Main Street Alliance of Washington released a statewide survey of small businesses’ views on corporate tax reform. After a legislative session where proposing new taxes was akin to saying Voldemort, the survey’s results might surprise you.

According to the report:

On corporate tax responsibility:

Small business owners believe large corporations are not paying their fair share of taxes: Asked about corporate tax responsibility, 92 percent of respondents said corporations are paying less than their fair share.

On priorities for corporate tax reform:

Small business owners prioritize closing corporate tax loopholes and raising revenue for economy-boosting investments over lowering corporate tax rates: Eighty percent of respondents support closing corporate tax loopholes, and 62 percent support raising revenue for economy-boosting investments in education, infrastructure, Social Security and Medicare, while only 8 percent prioritize lowering corporate tax rates.

Small business owners support ending offshore tax dodging.  Sixty-seven percent of respondents support ending offshore tax-haven abuse by requiring U.S. corporations to immediately pay corporate income taxes on offshore profits, with credit for foreign taxes paid, while only small fractions of small business owners support a temporary repatriation tax holiday (17 percent) or territorial tax system (4 percent) – proposals that would expand offshore tax haven use.   

On a Wall Street transactions tax:

Small business owners support the establishment of a Wall Street Transactions Tax: Seventy-seven percent of respondents said they would support a small tax – a fraction of a percent – on Wall Street trading of financial instruments (stocks, bonds, and derivatives) to raise revenue and discourage financial market speculation.

This report sends a clear message to our state and federal lawmakers: small businesses support a fair and equitable tax system. It’s time for our leaders to take action and create a stronger, more prosperous economy for every Washingtonian.

You can read the entire survey here.

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