Letter: Bond rating wake-up call on corporate loopholes
Following Massachusetts' credit downgrade from an AA+ to AA by the S&P Global Ratings for the first time in 30 years, it's time we took a serious look at some of the leaks in our state's tax system — especially on the corporate side.
We know that the downgrade will affect bonds that provide funding to critical services, which has been tight for a long time. So many programs have seen shrinking budgets, from education to housing and other services.
We also know that there are hundreds of millions of dollars given away in corporate tax subsidies with very little accountability for what kind of public impact they may have. We know that some hide profits in offshore tax havens to avoid states and federal taxes.
Is the credit downgrade enough of a signal that we can't let millions upon millions slip through the cracks? Everyone should pay a fair share.
The writer is a member of Massachusetts Fair Share.
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