Representative Matt Gaetz, a Republican from Florida, has made his position known to the masses:
The Florida legislature should end Disney’s $600,000,000 “tax cheat loophole.”
Gaetz wrote an op-ed explaining that Mickey Mouse and his friends benefit from a Florida tax code loophole that has allowed them to avoid paying hundreds of millions of dollars in state taxes.
“This allows Florida to fully realize Disney’s corporate income taxes from as a proportion of their overall, or “combined” reported income. The nonpartisan Florida Revenue Estimating Conference says that this measure would have a recurring impact of $591.7 million on Florida’s budget. That’s $591.7 million that Florida Man and Florida Woman have to shoulder because Disney has fancy lawyers, lobbyists and accountants.
If Mickey’s ears are purchased in Orlando, that revenue shouldn’t find itself taxable in Delaware through nifty accounting and outdated laws. Combined reporting is hardly a tool of liberals. Even Texas made the obvious change to protect the pocketbooks of its own citizens.”
This is reference to businesses being incorporated in places like Nevada or Delaware for tax purposes, despite the physical money-making never taking place in that state.
“The Walt Disney Company, which grossed $72.9 billion last year, should be accurately reporting its income in the states and countries where its business is conducted,” Gaetz concluded.
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