as you can see by the chart corporate tax revenue is at about 5% that is where I got my figures, that is why I say that corporations should pay their fair share
That chart shows that corporate income taxes make up only 5% of US federal income tax revenues. That’s completely different than saying that the “rich” only pay 5% in taxes.
Even if one looks just at federal revenues from corporations – they’re paying 45%+ of the total federal tax revenues of the sort listed on this chart since they’re paying the bulk of the payroll taxes as well.
And still, that has little to do with what the “rich” are paying overall.
guess its semantics, to me who are the rich but the corporations,ceo’s and stockholders
You might want to leave the stockholders’ out of that equation given how much of the outstanding stock of many of those corporations is owned by pensions and retirement funds, as well as mutual funds used by other organizations such as non-profits.
Still these corporations are paying almost half of the tax revenues if, as in your chart, one combines federal income tax and payroll taxes.
As for personal federal income tax, the top 1% is already paying 33% – 40% of the total federal personal income tax revenues. The bottom 50% pay on average 3% of the total federal personal income tax revenues.
good, valid points. so where do we get more revenue from? cant tax the middle class anymore than we already do
Cutting federal spending will do more good than raising revenues in the long run.
That being the said, the effective means to raise more revenue is to acquire more wealth in the first place. That means getting businesses back into the US. That in turn means lowering corporate tax rates (we have the 2nd highest in the world).
Some judicious tariffing of imports might work as well if we did it under the guise – or at least PR blitz – of humanitarian / workers-rights concerns. That’ raise a bit of revenue in the near-term and reduce the financial incentive for companies to move manufacturing overseas. It would increases retail costs to the lower and middle classes though, which might negate the mid- and long-term benefits though.
Well that is the impasse isnt it? Federal spending should be cut and tax loopholes should be adjusted but there seems to be no compromise, everyone is digging in their heels and saying no, no, and no.
common sense should take and both sides give in a little but that doesnt appear to be possible
I haven’t heard much argument from either side about closing the tax loopholes, just about increasing tax rates or adding new taxes.
As for cuts, the Dems are dead set against them and the non-TEA Party GOPers aren’t really for them either since they like pork just fine – and forget any fantasy of Defense spending cuts; neither side will slaughter their first, best cash cow.
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