Big Corporations Aren't Paying Their Fair Share
Some big multinational corporations hide their profits overseas in offshore tax havens to avoid paying the Colorado state income taxes they should be paying, and that’s just wrong. Even worse, these profitable companies are leaving Colorado small business and taxpayers holding the bag.
More than $70 million annually that should be paid in Colorado taxes is shipped overseas through these offshore tax havens – money that could help pay for our children’s education.
The system works best when everyone does their part to make Colorado great. Colorado families and small businesses work hard and play by the rules. And they don't take advantage of loopholes. Large corporations should play by the same rules as the rest of us. The system works best when everyone does their part to make Colorado great.
Colorado's government should focus on building a stronger and more secure middle class with good paying jobs and policies to make it easier to afford college and save for retirement. We need the system to work for all of us. In 2015, state legislators voted against a bill that would have asked Coloradans to vote to close these corporate loopholes. The collected money would have been directed into Colorado’s state education fund – dollars that would go to our local schools all over the state. The measure was killed in a state Senate committee. In 2016, legislators tried again, passing a bill through the House that, with voter approval, would have closed this corporate tax loophole, directing more than $20 million to our schools in the first year it was enacted, almost $50 million in the second year, and $70 million to our schools in the third year of the program. Unfortunately, the bill met the same fate this year that it did last, dying in a Senate committee.
Elected officials do have a choice: allow large multinational corporations to continue exploiting the tax system or support Colorado’s small businesses, taxpayers and schools.