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Originally Posted by finnbow
OTOH, I like to look at issues on their own merits and our corporate tax code has very little merit.
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I don't know much about the corporate tax code.
All I know is that they are not paying enough.
And that us ordinary schmucks are having to take up the slack.
http://www.aflcio.org/Corporate-Watc...Share-of-Taxes
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As the corporate share of our nation’s federal tax revenue has fallen, individual Americans have paid a relatively higher percentage of federal tax revenue. Corporate taxes fell from 26.4 percent of total tax revenue in 1950 to just 7.4 percent of total tax revenue in 2010. During this same period, personal income, Social Security and Medicare taxes increased from 51.4 percent to 83.8 percent of total tax revenue.[2]
Thanks to numerous tax breaks and loopholes, corporations rarely pay the full corporate income tax rates. A 2011 report by Citizens for Tax Justice and the Institute on Taxation and Economic Policy found that 78 of 280 of the nation’s largest and most profitable companies paid no federal income taxes in at least one of three years.[3] Overall, the study found that the Fortune 500 companies included in the survey paid 18.5 percent in taxes, or about half the corporate income tax rate of 35 percent.[4]
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