Fiedler speaks out against bill to cut corporate taxes
HARRISBURG, June 13 – Today, state Representative Elizabeth Fiedler, D-Phila., spoke against H.B. 1960, which would cut corporate taxes in Pennsylvania by 30%. She said the bill would leave small businesses and individuals who pay their taxes to foot the bill.
Fiedler said the cost of a corporate tax cut is high: state revenue would be reduced by $600 million next year.
“We should be investing every dollar we can in schools, parks, libraries, child care, and programs and services right in our neighborhoods. This GOP trickledown economics plan would help big corporations avoid paying taxes — but not help families across my district and local businesses who pay their taxes.”
Fiedler offered her remarks at a Capitol news conference hosted by the PA Budget and Policy Center. She said as the legislature debates the budget, she is standing with workers and calling on large corporations to pay their fair share after making record-breaking profits.
“Families are feeling the rising cost of groceries, gas and baby formula. It’s appalling to me that our state would consider giving a big tax break to mega corporations right now. These bills will reduce state revenues by over $600 million next year. These funds should be going to education, parks, libraries, housing, child care, and health care -- not big corporations and the very richest Pennsylvanians.”
She pointed out that while House Republicans claim corporate taxes are too high in Pennsylvania, the reality is 73% of the corporations active in the state -- including most highly profitable multinational corporations -- pay no corporate taxes to the state at all. That includes some of the biggest, most well-known, and richest companies: the cable companies, insurance companies, energy companies and pharmaceutical companies. She said the current unfair tax system leaves small and medium-sized local businesses who pay their taxes to shoulder an unfair share.
Fiedler also called for the Pennsylvania legislature to close the Delaware and Cayman Island loopholes, which cost Pennsylvanians hundreds of millions of dollars per year, by instituting “combined reporting” so corporations that operate in Pennsylvania would be required to report their U.S. profits to the state no matter where those profits were earned.