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.

One thought 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.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.