[DeTomaso] NPC - Corporate taxes

[Larry Finch]

 Since we are now into who pays what in taxes, let’s take a look
at historical corporate tax rates and figures.

(For those of you who wonder just why I seem to have it in for the
corporations, these figures may enlighten you.)

In the 50’s and 60’s their tax rates started around 23% and went up to about 52%.
The 70’s to the mid 80’s saw a range from 15% to about 46%. The rates began falling
and now are about 15% to 35%.

Not surprising, the share that corporate tax revenues comprise of total federal tax
revenues also has fallen from an average of 28 percent of federal revenues in the 1950s
and 21 percent in the 1960s to an average of about 10 percent since the 1980s.

If you look at how their taxes related to their profits, you see them paying about 49% in the 50’s,
38% in the 60’s, 33% in the 70’s, and about 25% in the 90’s.

You can see they have lower taxes than in the boom days of the 50’s and 60’s, yet somehow
they blame their shutdowns, outsourcing and downsizing on their tax burden.

Through their hired lobbyists corporations have obviously been successful in lowering their share
of support for the USA, and yet they still pour out the crocodile tears about how heavily taxed they are.
When will they be satisfied? Probably never, unless they manage to get enough tax cuts and loopholes
to all manage to pay nothing.

Beginning to understand why solving this Nation’s financial problems requires a fresh look at corporations?

Larry – Google is my friend. If you really want to get upset, do your own Google search.

Maybe you will find this gem:

In 2000 alone, 94% of all U.S. corporationspaid less than 5% of their total income in corporate taxes,
the GAOsaid in a report released Friday. Among the largest corporations -- the1% of all corporations
that owns 93% of all corporate assets -- 82%paid less than 5% of their income in taxes.
-----------------
I don't know about you, but I pay taxes on my INCOME, not profit. Why are corporations not held to
the same rule?

One of you wrote me off list to the effect that if we would just remove all
corporate taxes, they wouldn't be motivated to move offshore. I found his innocence amusing.