MINOR: Corporations don’t pay fair share of state income taxes
Several weeks ago before the 2011 legislative regular session ended with a state budget held together by Band-Aids, I wrote about findings of PEER Committee staffers that last year 80 percent of the state’s 150 top for-profit corporations paid no state income taxes.
The information had gotten to two House committees and went no further. This was while legislative budgeters were scrambling to scrape money out of every available pot to end up with a balanced budget on paper and ward off further crippling cuts to vital state services.
Conceded, state revenues suffered a bad hit from the Great Recession that began in September, 2007, and has only slightly eased up since. But that’s not the fundamental reason why lawmakers didn’t have much money to work with.