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Corporate Tax

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NEWS
Thomas F. Schaller | February 7, 2012
Turn on conservative talk radio or television pundits and soon enough you'll hear that the United States has a too-high corporate tax rate that is undermining American business competitiveness and weakening the U.S. economy. This talking point is not spouted just by Republicans and anti-tax conservatives: Democrat-in-chief President Barack Obama made the same claim during his State of the Union address two weeks ago, lamenting how American companies "get hit with one of the highest tax rates in the world.
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NEWS
Dan Rodricks | October 2, 2014
Here's another thing: The attack ad on Larry Hogan that claims Anthony Brown's Republican challenger for governor wants to give a $300 million tax break to corporations at the expense of kindergartners - that's another stretch into the shady side by the Democrats, and for a couple of reasons. First of all, Hogan hasn't said any such thing yet, although, being a mainstream Republican businessman, he says he would cut Maryland's corporate tax rate, and we all know the story there: You can't be a Republican without saying you want to cut taxes.
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NEWS
By Annie Linskey, The Baltimore Sun | November 16, 2010
An influential panel voted Tuesday to delay discussion of altering the state's corporate accounting rules, a move welcomed by the chieftains of large companies who worried that the change could hurt their bottom lines just as the economy appears to be brightening. The change, known as combined reporting, would make it difficult for companies to steer Maryland revenues to shell corporations in other states with more favorable corporate tax rates. Tightening corporate accounting rules has long offered a tempting, even populist, way for lawmakers to chip away at the state's persistent budget shortfalls.
NEWS
Thomas F. Schaller | July 8, 2014
Supreme Court conservatives continue to insist that corporations have the same rights as people on matters ranging from making campaign donations (Citizens United) to raising religious objections to government policies (Hobby Lobby). Meanwhile, anti-tax conservatives continue to argue that corporations are inhuman and it's foolish to tax them because the cost will be passed along to actual humans. Forget for a moment the contradictory notion that a corporation increasingly enjoys the same civil protections of a living, breathing person yet conveniently reverts to an inanimate entity when it comes to fiscal responsibility.
NEWS
By Bill Adams | March 12, 2012
Maryland's General Assembly faces another year of "difficult choices" as it takes up the governor's budget. So it's surprising to me that lawmakers don't turn more readily to what should be an easy choice: closing loopholes in the corporate income tax (CIT). Federal and state governments have faced declining corporate tax revenue for years, mainly thanks to increasingly aggressive use of legal tax avoidance techniques. At the state level, this generally means shifting income from higher- to lower-taxed jurisdictions.
NEWS
By Andrew A. Green | July 26, 2007
Gov. Martin O'Malley told legislative leaders yesterday that he wants to close corporate tax loopholes to address the state's projected $1.5 billion budget shortfall but does not want to raise the property tax. O'Malley met with House Speaker Michael E. Busch, Senate President Thomas V. Mike Miller and others. "I expressed my desire to work hard over the next week to identify the loopholes we are committed to repairing," O'Malley said. He mentioned two ideas that have circulated in Annapolis for years: combined reporting, which forces companies to report profits from all subsidiaries as a means to prevent them from shifting income to states with lower corporate income tax rates, and closing a loophole that limited-liability companies use to avoid transfer taxes on property sales.
NEWS
February 25, 2005
ANNAPOLIS -- The House of Delegates passed a bill yesterday that closes a corporate tax loophole and dedicates most of the money to school construction. A leadership priority, the bill would require corporations to pay transfer taxes and recording fees when they sell real estate. The bulk of the money raised, about $45 million a year, would go back to the counties for school construction. An amendment approved this week dedicates the state portion of the money, about $12 million annually, for land preservation.
NEWS
By Andrew A. Green and Andrew A. Green,Sun reporter | July 25, 2007
Upset by a report that nearly half of Maryland's major corporations didn't pay income taxes last year, Gov. Martin O'Malley said he would seriously consider pushing for "combined reporting," a tax law change that advocates say would make it hard for companies to hide their profits in other states. O'Malley, a Democrat who is developing plans to close the projected $1.5 billion annual gap between state spending and revenue, said that if citizens are going to be asked to pay more taxes, businesses should pay their fair share, too. "This is an unfairness of the tax code that would allow some of the largest and most profitable corporations in the state to pay no income tax," O'Malley said.
NEWS
By NEW YORK TIMES NEWS SERVICE | February 20, 2000
With incomes rising, particularly among the wealthy, Americans are paying a lot more in federal taxes than they did before the economic expansion of the last decade. Not so, American corporations. Their profits are growing even faster than personal incomes, but the taxes they pay have peaked and have begun to fall. The changes have been striking. Almost 15 cents of every dollar of income earned by Americans in 1997, the latest year for which figures are available, went to the Internal Revenue Service, up from 13 cents in 1990.
NEWS
By Julie Hirschfeld Davis and Julie Hirschfeld Davis,SUN NATIONAL STAFF | March 27, 2004
WASHINGTON - John Kerry proposed yesterday to cut corporate tax rates as part of a plan to discourage U.S. companies from sending jobs overseas, in a speech designed to fend off charges from President Bush that he is a stereotypical tax-and-spend liberal. Speaking in Michigan, which has suffered crushing manufacturing job losses, Kerry said he would end a tax break that lets U.S. businesses avoid paying taxes on income they earn abroad. He promised that his economic program, including yesterday's proposal, would create 10 million jobs.
NEWS
By Michael Dresser, The Baltimore Sun | February 19, 2014
Attorney General Douglas F. Gansler released details Wednesday night of his proposal to cut Maryland's corporate income tax to Virginia levels, saying that if he is elected governor he would decrease it gradually over a period of nine years. Appearing at a Baltimore Sun Newsmaker Forum, Gansler continued his criticism of the O'Malley administration for what he calls its 40 tax increases. However, the attorney general also said he would not seek to reverse them. Instead, he said he would ask tax experts to address the tax strategies of the state in broad terms.
NEWS
By Paul G. Pinsky | February 11, 2014
Maryland has long been considered among the bluest of blue states, firmly in the Democratic camp. Its recent progressive record on social justice has only further burnished that reputation: passing the Dream Act to allow in-state college tuition - and college affordability - for young immigrants, marriage equality, abolition of the death penalty and legislation to restrict gun violence. When it comes to corporate tax justice, however, Maryland has seen only red. The state has allowed many of the very largest multi-state, multi-national corporations operating here to use a tax avoidance scheme resulting in the loss of hundreds of millions of dollars in state corporate taxes and, sadly, placing Maryland-only businesses at a distinct competitive disadvantage.
NEWS
By Michael Dresser, The Baltimore Sun | February 5, 2014
Lt. Gov. Anthony G. Brown, a leading candidate for the Democratic nomination for governor, sharply criticized one of his rivals Wednesday for supporting a proposal to cut Maryland's corporate income tax. The Brown campaign released a statement saying Attorney General Douglas F. Gansler has failed to explain how he would make up the revenue that would be lost by reducing the tax from 8.25 percent to 6 percent. Such a "corporate giveaway" would cost Maryland more than $1.6 billion over the next five years, the Brown camp charged.
NEWS
January 16, 2014
Last week, the two top leaders of the Maryland General Assembly expressed interest in reducing the estate tax for the heirs of wealthier residents. It's an idea that's been trotted out before, usually by Republicans, and it seldom gets very far in Annapolis. But this year appears to be different. House Speaker Michael E. Busch and Senate President Thomas V. Mike Miller have endorsed a plan to gradually increase how much of a deceased person's estate can be shielded from Maryland's estate tax from $1 million to $5.25 million.
NEWS
By Scott Klinger | October 21, 2013
Congress seems to be focusing its austerity efforts on America's most vulnerable citizens, including those who need help feeding their families. Meanwhile, large food subsidies that benefit the most affluent Americans aren't even on the table. The House of Representatives recently voted to cut $4 billion a year from food stamps, known more formally as the Supplemental Nutrition Assistance Program (SNAP). A cut of that level would mean 3.8 million Americans would lose the help they receive to put food on their families' tables, according to the Congressional Budget Office.
NEWS
October 10, 2013
It's fair to say that the Tax Foundation, a non-partisan but conservative-leaning think tank, has not historically been a big fan of Maryland, or many other liberal northeastern states, for that matter. The group looks at one side of the equation - taxes - and not at the quality of what you get in return, and that tends to make Maryland look bad compared to, say, Wyoming. The Free State comes out 41st in the Tax Foundation's latest rankings of which states have the best tax climate for business, and the Equality State comes out on top. There are obviously other factors that go into a business' decision of where to locate - the presence of a skilled workforce, transportation infrastructure and the overall quality of life, for example - and the Tax Foundation acknowledges as much.
NEWS
November 28, 2011
At an appearance before a business group in Howard County, state Sen. Edward Kasemeyer recently made a comment that he'd like to see Maryland's corporate tax rolled back from the current 8.25 percent by one-quarter of a percentage point per year for several years. Presumably, this is so it might be made more competitive with the 6 percent corporate tax rate of neighboring Virginia and below that of other neighboring states. Mr. Kasemeyer's thoughts on this topic are not just some idle speculation by one Democratic state senator.
NEWS
By Norris P. West and Norris P. West,SUN STAFF | April 11, 1996
Seeking to boost the county's corporate tax base, Howard officials are hoping two new incentive programs will help attract new businesses and keep existing county companies from looking to move elsewhere. The county won approval from the General Assembly during the legislative session to introduce bills in the County Council to create the incentives. One measure would create a fund to provide grants or loans to businesses; the other would give tax breaks to companies hiring at least 12 full-time employees and investing in the county.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | October 9, 2013
Maryland retained its tenth-worst ranking in the Tax Foundation's latest study of state tax climates for businesses. The Tax Foundation, which released the latest of its annual rankings Wednesday, said Maryland's corporate tax rate is better structured than in many states - ranking 15th - and its sales tax made the top 10, in part because local jurisdictions don't have add-ons to the state rate. But the state's overall position was pulled down by its broader tax structure, including the rates it charges on individual income, unemployment insurance and property.
NEWS
Erin Cox and The Baltimore Sun | September 6, 2013
Gov. Martin O'Malley told a group of more than 100 state business leaders Friday that he was disinclined to cut the corporate income tax rate, but he wanted raise the state's minimum wage. "It is a fact that wages have been declining in our country for the first time since the second World War. There is a growing gulf between our middle class and between the wealthy in our country," O'Malley said during a summit organized by the Maryland Chamber of Commerce. The governor added: ""I think that we should raise the minimum wage.
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