{"id":1426161,"date":"2022-04-08T17:14:49","date_gmt":"2022-04-08T21:14:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426161"},"modified":"2022-04-08T17:14:54","modified_gmt":"2022-04-08T21:14:54","slug":"matt-gaetz-calls-to-end-disney-600-million-tax-cheat-loophole","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/matt-gaetz-calls-to-end-disney-600-million-tax-cheat-loophole\/","title":{"rendered":"Matt Gaetz Calls to End Disney $600 Million &#039;Tax Cheat&#039; Loophole"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmatt-gaetz-calls-to-end-disney-600-million-tax-cheat-loophole%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1426161&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">Rep. Matt Gaetz (R-FL) charged in an op-ed Friday that the Florida legislature should end Disney\u2019s $600 million tax cheat loophole.<\/p>\n<p>Gaetz explained in an op-ed that Walt Disney Corporation benefits from a Florida tax code loophole that has allowed Disney to potentially skirt around hundreds of millions of dollars in state corporate income taxes. To fix this loophole, Gaetz, a former Florida House chairman of Finance and Tax, wrote that Florida should join the majority of states in adopting combined reporting of state corporate income taxes.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>The Florida conservative\u00a0<a href=\"https:\/\/www.orlandosentinel.com\/opinion\/guest-commentary\/os-op-disney-matt-gaetz-close-tax-loophole-20220408-er7msx3lfbcdpafbtt2hvbxk4e-story.html\">explained<\/a>:<\/p>\n<blockquote>\n<p>This allows Florida to fully realize Disney\u2019s corporate income taxes from as a proportion of their overall, or \u201ccombined\u201d reported income. The nonpartisan Florida Revenue Estimating Conference says that this measure would have a recurring impact of $591.7 million on Florida\u2019s budget. That\u2019s $591.7 million that Florida Man and Florida Woman have to shoulder because Disney has fancy lawyers, lobbyists and accountants.<\/p>\n<div class=\"crd clln--it\" data-type=\"text\">\n<div class=\"crd--cnt\">\n<p class=\"\">If Mickey\u2019s ears are purchased in Orlando, that revenue shouldn\u2019t 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.<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n<p>He said combined reporting of state income taxes would provide \u201caccurate and fair reporting on taxable income to the IRS.\u201d<\/p>\n<p>\u201cThe 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,\u201d Gaetz said.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<div id=\"attachment_20588762\" class=\"wp-caption alignleft\"><a href=\"https:\/\/media.breitbart.com\/media\/2022\/04\/GettyImages-1343490349.jpg\"><\/a><\/p>\n<p class=\"wp-caption-text\"><em>(Handout\/Getty Images)<\/em><\/p>\n<\/div>\n<p>Gaetz called on Republicans and Democrats in the state legislature to address this taxation disparity.<\/p>\n<div class=\"crd clln--it\" data-type=\"text\">\n<div class=\"crd--cnt\">\n<p class=\"\">\u201cI envision a Sunshine State where\u00a0<i>all\u00a0<\/i>corporations play fair and, consequentially, hard-working Floridians pay less in taxes, the Florida conservative said. \u201cI hope you join me, as I call on both Democrats and Republicans in the Florida Legislature to act now and end the Disney tax loophole.\u201d<\/p>\n<\/div>\n<\/div>\n<p>Gaetz\u2019s proposal serves as the latest way for that Republicans have fought back against the megacorporation\u2019s \u201cwoke\u201d crusade.<\/p>\n<p>Disney has opposed Gov. Ron DeSantis\u2019s Parental Rights in Education Act and has pushed \u201cmany, many, many LGBTQIA characters in its stories.\u201d<\/p>\n<p>Other Republicans have proposed measures to fight back against Disney\u2019s LBGT campaign.<\/p>\n<p>House Republican Study Committee (RSC) Chairman Jim Banks (R-IN) <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/04\/01\/jim-banks-theatens-to-block-mickey-mouse-copyright-over-disneys-political-and-sexual-agenda\/\">said<\/a> he will fight to rescind Mickey Mouse\u2019s copyright renewal.<\/p>\n<p><i>Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter\u00a0<\/i><a href=\"https:\/\/twitter.com\/SeanMoran3\"><span><i>@SeanMoran3<\/i><\/span><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Matt Gaetz (R-FL) charged in an op-ed Friday that the Florida legislature should end Disney\u2019s $600 million tax cheat loophole. Gaetz explained in an op-ed that Walt Disney Corporation<\/p>\n","protected":false},"author":38,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1426161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1426161"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1426161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1426161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1426161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1426161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}