New Cities/New Soviets

April 07, 2004

More news from the tax desk

this just in from the gov't:

"-- A majority of all corporations reported no [federal tax] liabilities [between 1996 and 2000], with a higher percentage of [foreign controlled corporations] doing so than [U.S. controlled corporations], an estimated average of 71 percent and 61 percent, respectively.

-- A greater percentage of USCCs than FCCs reported tax liabilities of less than 5 percent of their total income, an estimated 94 percent and 89 percent, respectively..."

moreover:
-- of large corporations (with assets over $250 million or gross recipts over $50 million)
-- less than 7% paid more than 10% of their income
-- less than 2% paid more than 15% of their total income


um, like, oh my god. You kinda know this stuff going along, but occasionally it just slaps you in the face again. add to it this tax chart artfully re-created from "Lou Dobbs Tonight" last night. I can't find this anywhere, and by god it should be everywhere. If you want the story of American taxes in the last 30 years, this is it. boom.

Posted by Sam at April 7, 2004 09:58 AM

welcome to the great burden shift
from profits to payroll
50 years in the making and bipartisan the whole way
kerry wants to hand em more tax credits


actually a new shift is afoot
back to tax credits for korps problem
they have no taxes to credit

Posted by: meat me at April 8, 2004 08:55 PM

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