Posted on Sep 28, 2016
Do you think increasing taxes on corporations and the wealthy will drive growth in this country?
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I was surprised to see that less than half of federal revenue comes from individual income taxes. The majority comes from some form of corporate taxes, excise taxes, and other (~53%). And of the personal income taxes filed, the top ~15% ($100k/year+) pay almost 80% of all income taxes. Combined, companies and wealthy already pay ~90% of all federal revenue. Will increases affect growth?
Government
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Business
Posted 8 y ago
Responses: 16
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Take every cent the "rich" have, not only their income, but also their savings, their investments, and their personal assets. Sell their spouses and their children into slavery. You couldn't run government more than a few weeks with the proceeds and would have killed the Golden Goose. Income tax is a stupid way to finance a government. And, every time income tax is reduced, tax revenues rise because the economy flourishes. Those are simple statements of fact. When confronted with them, President Obama famously replied that he didn't care. He was more concerned with what was "fair". I guess his mama never taught him that life isn't fair.
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Sgt Jeffrey Clish
Interesting point. Might ask the question then what is one's "Fair Share"? Your situation was identified in the Pew study has some having a negative tax liability, which I thought was odd but true. Thanks for sharing!
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SFC Mark Merino
Sgt Jeffrey Clish - fair share will never be agreed upon. The one thing that is completely UNFAIR is expecting something for nothing. If someone wants a paycheck, they need to contribute. The first step in 'what is fair' is to have everybody contributing at least something.
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Here's a table with the sources of government revenue. The share provided by corporate income taxes is significantly lower than in the 1950 s and 60s, a time many look back at as the good old days of the economy. As to the corporate tax rate, there is a big difference between the max stautory rate of 35% and the actual effective rate that corporations really pay after all the exemptions and deductions are factored in. Studies have shown that tbe actual effective rates that US corporations pay is less than that of other developed countries.
https://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/hist02z2.xls
https://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/hist02z2.xls
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Sgt Jeffrey Clish
I tend to geek out on statistics, so thanks for sharing. One thing you can't argue is that the allocation changed dramatically in the 1940s where the % total revenue coming from individual income taxes somewhat doubled in decade and pretty much remained at that level where excise and other taxes dropped off considerably. Not sure the history on that, but it's pretty obvious that that revenue shore shifted to the individual taxpayer and corporate taxed only moved payroll taxes to corporate taxes. Very interesting...
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