It's just been announced by the Federal Bureau of Economic Affairs, (yes they really are a government agency that's paid to gather information on our economy), that through the third quarter of 2019, corporate taxes paid to the US Treasury accounted for just 3.5 percent of all federal tax revenue, a sharp drop from the 9 percent they paid in 2010 and, the 22 percent paid in 1960.
Folks. federal tax revenue comes from several sources but, the greatest amount paid into the Treasury comes from you, the taxpayer in the form of withholding tax. Another source is revenue from excise taxes on liquor, gas, tires, etc. Then there's the revenue that comes from the collection of tariff fees but bear in mind those fees are usually on marketable items so that fee (or tax) is passed along to you the consumer as a higher price.
Yes, thanks to that Citizens United decision by the Supreme Court, national corporations can now spend as much money on Congressional Representatives as they want. Which is exactly what happened to influence that big corporate tax break they got when Trump took office. The one that lowered their taxable table from 35% to 22%. Trouble is, they get so many deductions on their taxable income, (you'd be amazed at the number of items they get to deduct from their tax liability), that some pay no tax at all, but most paid way below the 35% they claim is stiffing their profits?
Profits at all time highs, cash reserves so great they can destroy competition with buy outs, salaries of corporate officers to production employees so overwhelmingly inequitable, most of their realized income from that tax break being used to buy back stock instead of use for product or production. Yep, their living high and we're not.
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