U.S. Business Contributes Smallest Share of Taxes in Generation

RNG

Forum Staff
Apr 2013
39,791
27,593
La La Land North
You can't deny that Dotard's tax cuts had an effect. The problem is that it isn't an effect that will help you in the long run.

The growing deficit is just adding to the inflationary pressure that the tariffs, the cost of energy greatly acerbated by sactions on Iran and Venezuela and the long spell of QE are all causing. This is leading more and more economists to fear a surge in the inflation rate.

And of course, to make things worse, Don the Con bullied the fed into reversing its plans to increase interest rates and start quantitative tightening.

Beware.

Corporations paid just 7.6% of total taxes collected by the U.S. government in 2018, the IRS reported late Monday, the lowest share since at least 1960.
The data show that the burden is increasingly falling on individuals. Their income taxes account for about $1.95 trillion, or 57% of total revenue. An additional 33% came from employment taxes. Corporations only paid 7.6% of the tax take -- the lowest share since at least 1960, according to the IRS data.
Bloomberg - Are you a robot?
 
May 2018
4,663
3,662
USA
Not to worry RNG. Trump and the GOP will make up the shortfall by cutting social programs and increasing taxes on the middle/lower classes. The GOP won't cut socialism for the corporations, mind you, they'll still get government subsidies and not pay a cent in taxes. But the middle/lower classes will pay through a loss of social programs and increased taxes.
 
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Dec 2018
2,401
1,409
Unionville Indiana
Trump and the GOP will make up the shortfall by cutting social programs and increasing taxes on the middle/lower classes. The GOP won't cut socialism for the corporations, mind you, they'll still get government subsidies and not pay a cent in taxes. But the middle/lower classes will pay through a loss of social programs and increased taxes.
Bulls eye!
 
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