Rep. Matt Gaetz (R-FL) has called for the Florida legislature to end Disney’s $600 million "tax cheat" loophole.
Gaetz explained in an op-ed that Walt Disney Corporation benefits from a Florida tax code loophole that has allowed the company to potentially avoid hundreds of millions of dollars in state corporate income taxes.
Former Florida House chairman of Finance and Tax wrote that Florida should join the majority of states in adopting combined reporting of state corporate income taxes.
The Florida conservative explained:
“This allows Florida to fully realize Disney’s corporate income taxes from as a proportion of their overall, or 'combined' reported income.
“The nonpartisan Florida Revenue Estimating Conference says that this measure would have a recurring impact of $591.7 million on Florida’s budget.
“That’s $591.7 million that Florida Man and Florida Woman have to shoulder because Disney has fancy lawyers, lobbyists and accountants.
“If Mickey’s ears are purchased in Orlando, that revenue shouldn’t find itself taxable in Delaware through nifty accounting and outdated laws.
“Combined reporting is hardly a tool of liberals. Even Texas made the obvious change to protect the pocketbooks of its own citizens."
He added that combined reporting of state income taxes would provide “accurate and fair reporting on taxable income to the IRS.”
read more here: https://neonnettle.com/news/18783-matt-gaetz-vows-to-end-disney-s-600-million-tax-cheat-loophole
Replies
Disney is discriminating against the people who pay the bills.....take everything from them, as far as I'm concerned, close down this place of evil!
They no longer serve a good purpose for the children!