STATEWIDE – A new report said tax avoidance from big corporations is costing Maine $52 million a year.
The Maine Center for Economic Policy said that overseas tax havens mean companies like Apple pay lower or no taxes abroad on profits actually made here.
“Businesses pay taxes or are supposed to pay taxes just like you or I,” said Sarah Austin, policy analyst for the center. “We pay our taxes on our whole income and businesses are supposed to do the same on their profit.”
According to Austin and other policy analysts, the problem is many of the tax loopholes the corporations are taking advantage of are legal.
A bill in the state legislature up for public hearing on Thursday aims to try and close those loopholes.