Thursday, June 09, 2011

Florida Corporate Tax Cut Madness

Scott Maxwell details how given Darden Restaurants a corporate tax cut would be more than what the company pays in taxes.

Legislators were trying to help Darden Restaurants get a tax break.

Their problem was this: The Fortune 500 company was paying so little in corporate-income taxes on its headquarters in Orange County that the break was bigger than its tax bill.

And it's hard to find a way to let the company to pay less … than nothing.

This, my friends, is the state of corporate taxation in Florida.

Florida has a 5.5 percent corporate tax rate. Which is one of the lowest in the country. There are also the endless loopholes in the tax code. Gov. Rick Scott plans to eventually eliminate Florida's corporate tax. Contrary to what Scott and other Republicans say, eliminating corporate taxes isn't about creating more jobs. It is about maximizing profits.

Corporations are in the business of money. It is understandable that they would want more profits. I just wish people like Mark Wilson, of the Florida Chamber of Commerce, would be honest and stop saying eliminating corporate taxes is about job creation.

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