We did it! No expansion of the Single Sales Factor corporate tax break!
Since March, labor and community groups have raised our voices against a tax break expansion for multi-state corporations operating in the Commonwealth. Billionaire corporations and their lobby groups, including Santander, State Street and Associated Industries of Massachusetts hoped to cash in on the expansion of the Single Sales Factor (SSF) tax cut beyond its current limits via two legislations. But we knew expanding the tax cut could cost the Commonwealth billions, and would line the pockets of big businesses without keeping jobs in state.
Even before the COVID-19 pandemic, our Commonwealth needed new revenues to support public education, transportation and other public goods. Today, with plummeting revenue and sky-rocketing needs, new tax cuts for wealthy corporations are more illogical than ever. That is why we opposed two bills that would expand SSF. Since mid-March, hundreds of people have told legislative leadership that the bills should not be passed.
We definitely have more work ahead of us to ensure state revenues meet COVID-era needs. But with the defeat of SSF expansion, we’re off to a good start. Read our blog post here to learn about the next steps.
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