Friday, April 15, 2011

Tax-Free speech

Do we live in the Age of Corporatism?

Well, as we have seen, the Supreme Court has determined that corporations are as free to back politicians and political parties as your average citizen. Sort of a palsy-walsy, in pari passu patronage system, neh?

After all, just like your average citizen, corporations pay their fair share of taxes, don't they?

Don't they?

Ask Barry Ritholtz: Corporate Tax Rates, Then and Now
The GAO reported in 2008 that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”

Since tomorrow is April 15th, it is a good time to look at our corporate tax rates. As the graphic below shows, the change in corporate tax rates over the past half century is astounding.

Corporate Taxes as a Percentage of Federal Revenue
1955 . . . 27.3%
2010 . . . 8.9%

Corporate Taxes as a Percentage of GDP
1955 . . . 4.3%
2010 . . . 1.3%

Individual Income/Payrolls as a Percentage of Federal Revenue
1955 . . . 58.0%
2010 . . . 81.5%

The average citizen is now footing way more of the government bill and getting far less per capita bang for her buck in the political arena than corporations. This is a trend that has gone on Guambat's entire life.

Sorry, kids. Hope you find a way to survive in the Age of Corporatism.

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