The Corporations


have got us by the short-and-curlies.  Intuitively I suspected something like this.  But, I had no idea it was this bad.

RICHARD WOLFF: The most amazing thing to me is that we talk about fixing a government budget that’s in trouble, and we don’t talk about the revenue side in a serious way. That is an amazing thing. If you look at what happened to the American budget over the last 20 or 30 years, the culprit is obvious. We have dropped corporate taxes. We have dropped taxes on the rich.

Let me give you a couple of examples to drive it home. If you go back to the 1940s, here’s what you discover, that the federal government got 50 percent more money year after year from corporations than it did from individuals. For every dollar that individuals paid in income tax, corporations paid $1.50. If you compare that to today, here are the numbers. For every dollar that individuals pay to the federal government, corporations pay 25 cents. That is a dramatic change that has no parallel in the rest of our tax code.

That is a quantum shift.  Either we, the common folk are paying six-times more than we used to, OR (more likely) corporations are paying one-sixth of what they used to.  For the math challenged, one-sixth equals 16.66 %

The US began the moon program when the top marginal income tax rate was 91%.  Today it is 35 %

And as a nation we have trillions in deferred infrastructure maintenance costs.

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