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.
SEE ALSO
- Gym Etiquette 101: 10 Rules Every Respectful Member Should Follow
- Protected: The Sound Of Movement: Ledisi Reflects On The Power Of Protest Music And Self-Love In ‘The Crown’
- Love Or Liability? How Romantic Relationships Really Impact Your Wallet
- Here’s The Real Reason Black People Wash Their Chicken Before Cooking
- Celebrity Hairstylist Dee Michelle Talks Hair Health & Her Invisible K-Tip Method
