Pharos-Tribune

Columns

February 17, 2014

HAYDEN: Looking to close tax loopholes

Gov. Mike Pence has spent months pushing the idea of repealing the tax on business equipment that provides $1 billion a year to schools, libraries and local governments. He’s yet to come up with a plan to replace those lost tax dollars.

Pence argues that freeing businesses from the burden of taxes on their equipment will spur growth. That, in turn, will lead to prosperity that will boost the fortunes of local communities.

Elkhart County Commissioner Mike Yoder has another idea. To replace the tax revenue lost by the locals, the state should go after dollars lost to offshore tax havens used by businesses.

“Why aren’t we recouping some of that tax revenue?” Yoder said. “The state could go after that money and turn it over to the locals as replacement revenue.”

It’s a question asked only half in jest. According to a new report published in Governing magazine, state governments failed to collect more than $20 billion in taxes in 2011 from corporations that socked away money in the Cayman Islands and other well-known tax havens.

The report, by the U.S. Public Interest Research Group, identified 31 states that saw more than $100 million in corporate tax revenue go uncollected in 2011. Indiana is one. According to the report, it lost $463 million to offshore tax havens.

Only two states, Montana and Oregon, have passed laws to recoup some of that money, by requiring companies to report profits from subsidiaries in foreign countries known for their tax-dodging loopholes. The PIRG report speculates on one reason that more states haven’t moved: Well-funded business groups employ ample resources to oppose tax reforms.

Whatever is behind Indiana’s losses to offshore tax havens, the proposal from Yoder is compelling for another reason.

The county commissioner is a fiscally conservative, business-supporting Republican – just like the governor. He, too, wants to see prosperity return to his community, which was hit hard by the recession that cut deeply into his county’s manufacturing economy.

Text Only | Photo Reprints
Columns
  • COATS: What to do next with Putin, Ukraine The tragic death of 298 people on board Malaysian Airlines flight 17 in a wheat field in eastern Ukraine marks a moment when words of disapproval and expressions of grief are not enough. This is a moment when action must follow the outrage and rhetor

    July 28, 2014

  • LYONS: The most powerful men in the world? Search the phrase “the most powerful man in the world” and what comes up are photos of grotesquely over-developed weightlifters; also Barack Obama and Vladimir Putin. Awfully ironic under present circumstances. It’s a cant term TV news anchors use to

    July 28, 2014

  • CEPEDA: What are students to eat now Remember last year’s hysteria over school lunches? Administrators, cafeteria workers, students and parents across the country freaked out when — gasp! — school lunches were made healthier.News reports throughout the 2012-13 school year — when lunch s

    July 27, 2014

  • HOWEY: Rising up to meet Putin’s thuggery Any illusions I had about the progressive nature of Vladimir Putin’s Russian regime quickly dissipated when I returned to my Moscow Grand Marriott room in August 2007. Upon opening the door, I was greeted with the spectacle of my papers and note pads

    July 27, 2014

  • HAYDEN: Congress scolded for its failures Retired Congressman Lee Hamilton has warned of the perils of political ideology, calling the body where he spent 34 years “noxiously partisan.” Now, he worries the divide is downright dangerous. A co-chairman of the 9/11 Commission, Hamilton and fell

    July 27, 2014

  • DORAN: How to handle the pool problem By Terry DoranGuest columnistAs a longtime board member of the parks board and having grown up nearby, it troubles me to read of the decision to close the city pool at Tower Park. This is obviously not a new discussion. I sat in on many meetings with

    July 27, 2014

  • WOLFSIE: A trip to end all trips My wife is planning a very exciting vacation to celebrate our 35th wedding anniversary. This was a big surprise to me. Not the vacation part, but the 35 years. I thought it was 34. Right now she is on the back porch, the patio table stacked high with

    July 25, 2014

  • FREY: Hero pilot still on a mission to save lives Ordinary people who live their lives, do something spectacular one day, and then embrace a great cause after retirement are tops in my book.Chesley “Sully” Sullenberger III is such an individual. He is the pilot who safely landed a US Airways airplan

    July 25, 2014

  • HAMILTON: Why incumbents keep getting reelected It’s no news that Congress is unpopular. In fact, at times it seems like the only real novelty on Capitol Hill would be a jump in its approval rating. In June, a Gallup poll found members’ standing with the American people at a historic low for a mid

    July 24, 2014

  • WILLIAMS: Four-legged family I have three pets. First, Paisley, a long-haired cream and tortoise Ragdoll cat. She’s the aristocracy in our group, compared to the rest of us, who are all blue collar folks. Her movements are slow and stately and her mien is gracious. She is by far

    July 24, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Should grocery and convenience stores be allowed to sell cold beer?

Yes
No
Unsure
     View Results
Featured Ads
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.