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The National Education Association has launched an ad campaign and petition calling elected officials at the state and national level to close corporate tax loopholes in order to more effectively fund education. They point to the fact that corporations in many industries are making record profits while federal and state budgets face shortfalls that are being addressed, frequently, by education cuts -- many of them significant cuts. Many corporations are earning large sums of money and paying little to nothing in terms of the taxes that make the communities they profit off of run. Rather than continue tax loopholes for corporations, NEA says they should:
At the federal level, support revenue positive corporate tax reform by closing the seven largest corporate tax loopholes, which would provide an estimated $1.487 trillion in additional revenues over the next ten-years.
At the state level, support legislation that keeps corporations from shifting profits to low-tax burden states and require full disclosure of state and local incentives to corporations to ensure they pay their fair share to the states and communities where they do business.
NEA notes that closing the top seven corporate loopholes would bring a massive change to the lives of working families:
With just a portion of the $1.487 trillion dollars garnered by closing the seven biggest loopholes every impoverished child under five could attend a high-quality pre-school, the maximum Pell Grant award could be boosted to help low-income students pay for college, every school in America could receive, on average, half a million dollars to support students from low-income families and the government could finally meet its obligation to provide 40% of the financing for students with disabilities.