Last time corporations paid taxes this low the president was Eisenhower

❝ While polls suggest that most Americans feel they’re not benefiting from the recent overhaul of the nation’s tax laws, U.S. corporations have more to crow about: New IRS data show American companies are paying their smallest share of federal income tax revenue in nearly 60 years.

❝ Businesses contributed 7.6% of the $3.5 trillion in total tax revenue collected for fiscal-year 2018, the tax agency said in a report — that’s a two percentage point decline from the previous year. After refunds, that figure falls to 6.8%. By contrast, individuals are shouldering a larger share of the country’s tax burden, accounting for 57% of revenue last year compared with 54% in 2017. Most of the rest of the country’s tax revenue stems from employment taxes.

❝ The IRS data doesn’t provide company-level data on taxes, but the overall trend highlights the declining share of corporate taxes across the decades. In 1960, corporations provided about one-quarter of all tax revenue, based on IRS data. At that time, individuals contributed less than half of total tax revenue.

I think we should be an equal opportunity country when it comes to the relative value of taxes forked over for the maintenance and advancement of this nation. Meaning – obviously – it’s time for people tgo come before profits instead of the other way round.

2 thoughts on “Last time corporations paid taxes this low the president was Eisenhower

  1. Hey, Rube! says:

    “It’s Getting Worse: The IRS Now Audits Poor Americans at About the Same Rate as the Top 1% : As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to.” https://www.propublica.org/article/irs-now-audits-poor-americans-at-about-the-same-rate-as-the-top-1-percent “According to data released by the IRS last week, millionaires in 2018 were about 80% less likely to be audited than they were in 2011. “While the wealthy now have an open invitation to cheat, low-income taxpayers are receiving heightened scrutiny because they can be audited far more easily. All it takes is a letter instead of a team of investigators and lawyers,” said Sen. Ron Wyden, D-Ore., the ranking member of the Senate Finance Committee.”

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