Wednesday, December 05, 2007

Competition, Web Killing The Corporate Tax Man

The rationale for what we now call the Limited Liability Entity Tax was that some companies were shifting taxable revenue to lower-tax states.

The growth of internet shopping is doing the same thing, isn't it?

And then we spend economic development crediting back taxes to corporations to either come here or stay here and provide jobs to Kentuckians.

Now that Republicans and Democrats agree the LLET needs to go, shouldn't we consider phasing out our corporate income tax as well?

After all, even Massachusetts is considering ending taxes of corporations.