Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).What the article didn't say is that many workers don't pay any taxes, but get unearned income credit, essentially a refund for taxes not paid.
Is this a great country, or what?
2 comments:
What the article also did not say is that Exxon didn't pay a dime in taxes.
Consumers coughed up every penny of those billions.
Which means corporate taxes are essentially fraudulent: they merely serve to hide the cost of government from voters.
It also means that in many cases, depending on the nature of the corporation, corporate taxes are extremely regressive.
Naturally taxes came from consumers. Where else? In the end it’s all our money.
The problem I am speaking to is the widely held belief that corporations gouge consumers, keep the money for their own nefarious practices and don’t pay much if any taxes on their obscene profits.
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