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.
More To Read
September 28, 2023
To understand the needs and priorities of our state’s different regions, EOI is listening to the people and communities most impacted by our policy priorities.
September 12, 2023
Except billionaires. And even they lose.
September 6, 2023
Thanks to the work of advocates, thousands of Washington workers are already getting a better deal at work