For years now, private prisons have avoided paying millions in corporate income taxes by converting themselves into “real estate investment trusts” or REITs. Under current IRS rules, these trusts are exempt from federal corporate income tax. The big corporate tax breaks lead to even bigger profits for private prisons across the country.
Representative Gregory Meeks, a senior member of the House Financial Services Committee, has introduced legislation to put an end to the tax breaks. Meeks joined Roland Martin during Friday’s edition of NewsOne Now to discuss his bill.
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