Small businesses are screwed. Giant transnational corporate tax dodgers are costing small businesses thousands of dollars. Not only have 26 major American corporations used tax loopholes to avoid paying any federal taxes over the last four years, but roughly $60 billion in revenue is lost every single year thanks to corporations stashing cash in offshore bank accounts. And guess where that money has to be recouped from – working people and small businesses.
According to a new report by the U.S. PIRG – corporate tax dodgers cost every small business more than $2,000 each every single year. As the PIRG report says, “Instead of competing on a level playing field, small businesses and those without offshore tax havens must pick up the extra tax tab and compete against the artificially lower costs of multinational companies using tax havens.”
You can see the effect of this unfair competition in Main Streets across America – where small businesses have shuttered – and massive corporate chains have set up shop. These giants are monopolizing US towns.
Listen to me LIVE Monday through Friday 3 PM to 6 PM on WWRL AM 1600. Follow me on Twitter @Thom_Hartmann.