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An advocacy group and others are calling on the US Senate Finance Committee to close offshore tax loopholes, saying Michigan is losing over $3 billion per year in state tax revenue because of them.
Linda Teeter of the Michigan Citizen Education Fund cites a recent PIRG report which shows the loopholes allow big companies to dodge taxes by booking their profits overseas.
The group says the loopholes are up for extension, and they’re asking Congress to not let that happen.
Others have argued one person’s version of loophole is another person’s version of good tax policy, as they create jobs.
Teeter admits they do create jobs, although she says so many tax loopholes have been put in place, they have circumvented the original intention of the tax code which was to pay your fair share.
