Study: Corporate tax shelters cost state $287 million (GA)

[phoebe]

Corporate tax shelters are costing Georgia hundreds of millions of dollars in potential tax revenue, according to a national study.

Georgia lost an estimated $287 million in potential corporate income taxes to tax shelters in 2001, said the study by the Multistate Tax Commission, which is made up of the countrys state tax officials.

The study estimated that overall, states are losing about a third of their potential tax revenues because of tax shelters _ up to $12.38 billion in 2001.

snip

Georgia lawmakers had to cut spending this year to make up for a $20 million shortfall in the fiscal 2003 budget that ended June 30. The budget was balanced with spending cuts and tobacco tax increases, and some lawmakers say the state could still fall millions of dollars short.

http://www.accessnorthga.com/news/ap_newfullstory.asp?ID=13086

[WhoCountsTheVotes]

1. Which corporations are cheating on their taxes?

From the article:

Tax sheltering by some is unfair to the vast majority of taxpayers _ ordinary citizens and tax-prudent companies _ who correctly report their income, said R. Bruce Johnson, Utahs tax commissioner.

There are many ways companies try to get around paying taxes, including reincorporating their business outside the country, said Kelly Edmiston, an economics professor at Georgia State University.

They won't mention the names of the corporations though. I wonder which ones are involved? Are they giving money to the Republicans, and getting tax shelters in return?

[DEMActivist]

2. This one belongs to the Democrats

and to Democratic ex-Governors Roy Barnes and Zell Miller.

No way to lay this at the doorstep of the Republicans.

[w4rma]

3. More specifically, this is how the DLC gets their campaign funding (n/t)