District Could Lose $20 Million in Taxes if Council, Mayor Don’t Act Soon
(Washington Examiner) — If the D.C. Council and incoming Mayor Vince Gray don’t act soon on a corporate tax shelter-busting initiative the city’s budget gap could grow by an additional $22 million, said the District’s Chief Financial Officer Natwar Gandhi. Gandhi’s budget numbers for the next fiscal year already rely on the dollars that would be raised from combined reporting, a tax-restructuring measure that prevents multistate companies like Home Depot, CVS and Starbucks from hiding profits earned in the District in states that won’t tax them. If the cash doesn’t come through, an estimated $400 million budget shortfall could grow to more than $422 million.
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