Rep. Gaetz wrote an opinion piece explaining that Walt Disney Corporation has taken advantage of a loophole in Florida’s tax code, which has allowed it to avoid paying hundreds of millions in state corporate income taxes. Gaetz was the former chairman of Finance and Tax in Florida and suggested that Florida adopt combined reporting of state corporate tax.
Florida can fully recognize Disney’s corporate tax as a percentage or “combined” income. Florida Man will have to pay $591.7million because Disney has many lawyers, lobbyists and accountants.
Mickey’s ears purchased in Orlando should not be taxed in Delaware because of outdated accounting practices or nifty laws. Texas made the obvious decision to protect its citizens’ wallets.
He stated that the combined reporting of income taxes from all states would provide “accurate and fair reporting of taxable income to IRS.” ”
Gaetz stated the Walt Disney Company should accurately report its income in all countries and states where it does business. It made $72.9 billion last year.
Gaetz called on Republicans and Democrats to collaborate in the state legislature in reducing this disparity.
Florida’s conservative said that he envisions a Sunshine State where all corporations are fair and Floridians work hard pay less taxes.
Gaetz’s proposal shows how Republicans are fighting back against megacorporations’ “woke” crusade.
Disney opposed Gov. Ron DeSantis opposed Gov.
Other Republicans have also suggested measures to stop Disney’s LBGT campaign.
Jim Banks (Chief of the House Republican Study Committee) stated that he would fight for Mickey Mouse’s copyright renewal.