In 1945, U.S. corporate income taxes added up to 35 percent of all federal government revenue. This year, corporate income taxes will make up just 9 percent of federal receipts. In 1952, the year Republican President Dwight Eisenhower was elected, the effective income tax rate for corporations was 52.8 percent. Last year it was just 10.5 percent.
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- While I agree in concept with the overall sentiment about CEO pay for some corporations, and the number of tax breaks that exist, I didn't feel the article was particularly convincing; most likely because it was so obviously unbalanced in its presentation. Some topics that aren't covered in their rush to a conclusion:
* What companies or countries provide a good counter-example of things done right? What percentage of companies/countries are like this (among the Fortune 500, among developed/developing countries, and among other standard lists)?
* They discuss what's happened to corporate taxes. What about individual taxes? I don't see this topic as an issue that solely rests among corporations, personally speaking.
* What was the original rationale for some of these tax breaks that have now turned into a loophole? Was the original rationale a mistake or just not strict enough?
That's just my gut reaction. I'm sure there's more holes. I don't think their principles are necessarily at fault, but I really think these people need to do better before presenting this sort of report.Aug 31, 2011
- You can't really make a comparison between corporate and personal taxes. They are vastly different in their rules and classifications.
It's also pretty hard to write something unbalanced on this topic when the numbers dictate the one thing we citizens are understanding what it means to be at the lowest taxation in American history. The government needs to find ways to amend the tax law to remove those loopholes corporations abuse.Sep 2, 2011
- By comparison I was merely asking: is the personal tax rate for the richest folks the same, or has it also dropped to the lowest rates in history as well with a similar magnitude of drop? The top 1% have a much easier time finding tax loopholes than the middle 50%. We might want to consider that sort of issue as well, even though the loopholes are different. And if we don't consider this an issue, then why is it different for people than for corporations?
Like I said, I don't actually disagree with the concern over loopholes and inequality and the need to remove those loopholes noted in the article. I just think they could've written a more convincing argument.Sep 2, 2011
- Warren buffet paid 7mil in taxes which was around 22% of his total income. The taxation on the wealthiest is the lowest it had ever beenSep 2, 2011