Well, well, well, how that THAT get in here? Looks like there was an amendment in the House's loophole-closing tax bill that, well, blasts another enormous loophole open — for companies that keep their business overseas.
The provision would permit large corporations to avoid up to $200 million in state taxes a year if they maintain large portions of their business operations overseas, according to an estimate by the state Department of Revenue. The tax-shelter strategy has proved controversial in other states.
And who was responsible for it? Rep. Dan Bosley (who coincidentally favors keeping Verizon's loopholes intact, because of all the benefit we get from them):
Representative Daniel E. Bosley, who sponsored the amendment, disputed the state's estimates as inflated and suggested the Department of Revenue's criticism was motivated by other provisions in his amendment that remove some regulatory power from the department.
“I just don't trust their figures,” Bosley said of the department. “It's a ridiculous estimate. They're just bad at numbers.”
Well, this is a fine opportunity for Rep. Bosley to lay out the math, then. We can have a real public math-off; fun for the whole family.
Or, we could just have the Senate kill the whole thing. How about that?