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Local Business Leaders: Corporate Tax Loopholes Draining MA

June 11, 2007


Boston, MA - At least sixty Massachusetts business owners are calling for an end to what they consider unfair tax laws. Right now, large corporations can avoid taxes by shifting income to subsidiaries in different states, while locally owned businesses pay all of their taxes in Massachusetts. Gov. Patrick says closing the loopholes could eventually save the state about $500 million a year. Steve Grossman, CEO of Grossman Marketing Group in Somerville, thinks everyone would benefit if this money went into things like education, infrastructure, and a healthy environment.

“We need to find a way to take those funds and ask, do we want to put them into tax loopholes for some but not for everyone, or do we want to invest it in the things that are really going to make this state sing in terms of quality of life?”

Economist Robert Lynch with Washington College co-wrote a report on the state's tax code released last week. He says the state could close the loopholes without hurting business or the economy.

“Politicians seem to have higher regard for the benefits of tax loopholes than the economic reality suggests, and at the same time, they may be under-funding programs that really work.”

A legislative commission has been researching the impact of closing these loopholes. They're expected to vote on the draft report of those findings Tuesday.

The Economic Policy Institute/Massachusetts Budget and Policy Center report is online at www.massbudget.org.

Kevin Clay/Eric Mack, Public News Service - MA