Cumberland Times-News

Editorials

February 7, 2013

Better choice

Polls say don’t raise taxes — close the loopholes

Politicians in Annapolis keep telling us taxes and fees have to be raised to meet the state’s transportation needs. But if a study released by a public interest group is accurate, the state could pay for much of that need by closing tax loopholes.

The Maryland Public Interest Research Group (MaryPIRG) said Maryland lost $966 million in 2012 due to offshore tax dodging.

Nationwide, companies using foreign tax havens were able to divert $40 billion from U.S. tax coffers.

In Maryland’s case, MaryPIRG said had the tax dodgers paid their state taxes, Maryland would have enough funding to cover the Red Line in Baltimore or the Purple Line in Prince George’s and Montgomery counties.

Cutting government waste and closing tax loopholes always seems to be a last resort in state capitals.

Instead of piling on more taxes and more fees for services, state government should look within for solutions.

MaryPIRG argues that states should not wait for federal action to curb tax haven abuse. Instead, it proposes several policy solutions, including:

• Decoupling state tax systems from the federal system.

• Requiring worldwide combined reporting for multinational corporations.

• Requiring increased disclosure of financial information.

• Withholding state taxes as part of federal FATCA (Foreign Account Tax Compliance Act) withholding.

Is anyone in Annapolis listening?

1
Text Only
Editorials
  • Get involved Get involved

    Cumberland residents who want to make an impact on their community have an opportunity in that the city is seeking applicants for five of its boards.

    July 30, 2014 1 Photo

  • If we don’t sell it to them, somebody else will

    The front page article on coal exports by AP writer Dina Cappiello is one of the most asinine and biased “news” articles I’ve read (“Not in my backyard: U.S. sending dirty coal abroad,” July 29 Times-News, Page 1A).

    July 30, 2014

  • Not a villain Not a villain

    Time was that we looked for heroes. Heroes of the make-believe variety have sold a lot of comic books. We also had real-life heroes like Presidents Franklin D. Roosevelt and John F. Kennedy, whose deaths the whole nation mourned.
    These days, we seem to be more interested in looking for villains. “Vote for me because I’m the good guy” has taken a back seat to “Don’t vote for him, because he’s the bad guy.”

    July 29, 2014 1 Photo

  • About time About time

    Although many Cumberland streets are in need of repair and improvements, the decision by city and county officials to address Greene Street is a good one.

    July 28, 2014 1 Photo

  • Where is it?

    Once upon a time, the Maryland Chamber of Commerce held its annual conventions at the Bedford Springs resort hotel near Bedford, which is in Pennsylvania.

    July 28, 2014

  • Korean War Korean War

    July 27, 2014 1 Photo

  • Sloppy lawmaking is to blame

    July 27, 2014

  • C-minus grade C-minus grade

    If a survey conducted by Thumbtack.com and the Kaufman Foundation is an accurate portrayal, Maryland has a long way to go to become a business-friendly state.

    July 24, 2014 1 Photo

  • Big loophole Big loophole

    How ironic — and how sad — that the Potomac Highlands Airport Authority plans a closed executive session to discuss the open meetings law.

    July 23, 2014 1 Photo 1 Story

  • Preposterous Preposterous

    File this one under the We Thought We’d Heard Everything category: A man who attempted the armed robbery of a pizza shop is now suing the pizzeria and the employees who tackled him and wrestled his gun away during the holdup.

    July 22, 2014 1 Photo