Bank tax cuts loopholes, reduces rates: Proposal also provides unneeded help to big banks
Posted April 12, 2012 in Press ReleasesContact: Zach Schiller, 216.361.9801
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Ohio Gov. John Kasich’s proposed new tax on financial institutions would cut major loopholes that have allowed big, multistate banks to legally avoid what they would otherwise pay under the corporate franchise tax. That’s the good news.
Unfortunately, the plan would then transfer the gains from closing loopholes back to banks in the form of lower rates. This will deprive the state of much-needed revenue. Just a dozen of the biggest institutions are likely to benefit from a special, bigger rate cut for the largest banks