We all agree--close corporate tax loopholes

February 21, 2012

The News and Advance reports, "With every item owner Bill Puckett sells at Lynchburg Camera Shop, he has to add a 5 percent state sales tax onto the bill. But many online retailers, even those with locations in Virginia, forgo adding the tax, leaving it up to the customer to report the taxes to the state.... 'This is a massive loophole that, if closed, would go a long way toward relieving the state and localities of the revenue shortfall they are experiencing.' A bill approved by the Senate and now in the House of Delegates would require online retailers with a physical presence in Virginia to collect the tax and pay it to the state for sales in the Commonwealth, something business owners like Puckett and trade groups like the Retail Merchants Association support."

Progressive Point: Virginia lawmakers deserve kudos for advancing legislation to reform an egregious tax loophole that will put national retailers such as Amazon on an even playing field with Virginia's small businesses. Unfortunately, the progress stops there. Instead of focusing on helping Virginia's small businesses and working families, our legislators are often protecting pet tax loopholes and giveaways that amount to over $12 billion a year. Representatives talk a good game about reforming loopholes and making our tax code more fair, but when the rubber meets the road, they're still protecting big corporate tax breaks. Getting rid of corporate tax giveaways is a matter of fairness, and it's time that big business pays their fair share.

Legislators on both sides of the aisle agree there must be more accountability in our tax code and they must remain committed to creating a level playing field. It's time Virginia's lawmakers prioritize their constituents over big corporate interests and put an end to the big business tax breaks.

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