Business, Management and Accounting
4 years ago

State Tax Laws Exploited, Costing Governments Billions in Lost Revenue.

2 views
The Future of the State Corporate Income Tax: Reflections (And Confessions) of a Tax Lawyer
Richard Pomp

Paper Summary

The article discusses why state corporate income tax may not bring in more money soon. Tax lawyers and accountants exploit state tax laws, and some laws encourage tax planning tricks. States offer big tax breaks to attract companies, but these may not help much. Different ways of calculating taxes have pros and cons. Combining reports could stop tax tricks that cost states money. States should update tax laws, but politics make it hard.

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