Tax Code Changes - $287 million
Examples:
- Prevent businesses from sheltering income and avoiding taxes when they create subsidiaries on the outer continental shelf or in U.S. territories;
- Join the other 22 states that are not coupled with the 2004 federal legislation granting large business tax cuts;
- Tax the insurance purchased by large businesses from foreign insurance companies in the same way as smaller businesses and individuals.
Corporate Income Tax - $350 million
Increase the corporate income tax rate to 7.2 percent. Corporations that do not earn any profits will still not pay any tax.
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