Corporate Profits Skyrocket While Corporate Taxes Plummet

Posted in the Minneapolis Forum

First Prev
of 3
Next Last
Fact Track

Los Angeles, CA

#1 Dec 10, 2012
Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows). But despite those sky-high profits, corporate income tax revenue is projected to be just 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago.

As the Century Foundation noted in this chart, the corporate income tax, as a share of total government revenue, used to track reasonably well with corporate profits. But in the last decade, the two have become decoupled:

http://thinkprogress.org/economy/2012/12/10/1...

As the Century Foundation’s Benjamin Landy explained,“In 1952, the corporate income tax accounted for about one third of of all federal tax revenue. But, over the years, U.S. multinationals have devised increasingly complex tax avoidance schemes, far beyond the ability of the IRS to credibly monitor or enforce. Although the corporate tax rate was also lowered significantly in 1986, tax avoidance is one of primary reasons why corporate taxes supply less than 9 percent of federal revenues today.”

Between 2008 and 2011, dozens of multinational corporations paid no corporate income tax at all, despite making billions in profits. In 2011, the effective tax rate paid by American corporations fell to 12.1 percent, a forty-year low.
Consistent

Grantsburg, WI

#2 Dec 10, 2012
Fact Track wrote:
Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows). But despite those sky-high profits, corporate income tax revenue is projected to be just 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago.
As the Century Foundation noted in this chart, the corporate income tax, as a share of total government revenue, used to track reasonably well with corporate profits. But in the last decade, the two have become decoupled:
http://thinkprogress.org/economy/2012/12/10/1...
As the Century Foundation’s Benjamin Landy explained,“In 1952, the corporate income tax accounted for about one third of of all federal tax revenue. But, over the years, U.S. multinationals have devised increasingly complex tax avoidance schemes, far beyond the ability of the IRS to credibly monitor or enforce. Although the corporate tax rate was also lowered significantly in 1986, tax avoidance is one of primary reasons why corporate taxes supply less than 9 percent of federal revenues today.”
Between 2008 and 2011, dozens of multinational corporations paid no corporate income tax at all, despite making billions in profits. In 2011, the effective tax rate paid by American corporations fell to 12.1 percent, a forty-year low.
"Between 2008 and 2011"

Perhaps a change would be in order. Who was the Collectivist-in-Chief Occupying the White House, and who was the Das Commander of the Senate from 2008-2011.

Oh wait, they are not responsible....it was Bushie, and Woodrow Wilson,s fault, not the Victim Demokrats.
Robert

Lees Summit, MO

#3 Dec 10, 2012
And who are the biggest offenders? APPLE, MICROSOFT, Google, and GE. All Big OBAMA donors. What a surprise!
Amused Slew

Seattle, WA

#4 Dec 10, 2012
GE is run by a rethuglican't and the rest are BS, but that's what you post...
jerry

Minneapolis, MN

#5 Dec 10, 2012
Amused Slew wrote:
GE is run by a rethuglican't and the rest are BS, but that's what you post...
The "rethuglican't"[sic] that Obama appointed to the "President's Economic Recovery Advisory Board"?
Fact Tracker

Minneapolis, MN

#6 Dec 11, 2012
Fact Track wrote:
Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows). But despite those sky-high profits, corporate income tax revenue is projected to be just 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago.
As the Century Foundation noted in this chart, the corporate income tax, as a share of total government revenue, used to track reasonably well with corporate profits. But in the last decade, the two have become decoupled:
http://thinkprogress.org/economy/2012/12/10/1...
As the Century Foundation’s Benjamin Landy explained,“In 1952, the corporate income tax accounted for about one third of of all federal tax revenue. But, over the years, U.S. multinationals have devised increasingly complex tax avoidance schemes, far beyond the ability of the IRS to credibly monitor or enforce. Although the corporate tax rate was also lowered significantly in 1986, tax avoidance is one of primary reasons why corporate taxes supply less than 9 percent of federal revenues today.”
Between 2008 and 2011, dozens of multinational corporations paid no corporate income tax at all, despite making billions in profits. In 2011, the effective tax rate paid by American corporations fell to 12.1 percent, a forty-year low.
2008 - 2011. That is the Obama regime. So, corp profits skyrocketing and corp taxes plummeting are part of the Obama plan. He has demonstrated that crony capitalism is how he prefers to pay back his supporters in the business world.

This is President Obama's fault. The litle guys get screwed and Obama's favorite big companies make record profits.
Robert

Lees Summit, MO

#7 Dec 11, 2012
jerry wrote:
<quoted text>The "rethuglican't"[sic] that Obama appointed to the "President's Economic Recovery Advisory Board"?
Well Slug just doesn't get it! He always ignores the real facts!
goose

Chicago, IL

#8 Dec 11, 2012
"real facts", as in what lines up with the lefts talking points?
Nothing new here!
Consistent

Grantsburg, WI

#9 Dec 11, 2012
The Wepublicans need to get busier in the Legislature getting the data together for the Impeachment of the Chicago Mobs Employee!

His crimes in Libya are not the only basis for Impeachment of the most Incompetent Occupier of the White House in American History!
Amused SLew

Seattle, WA

#10 Dec 11, 2012
This opinion, brought to you by DELICIOUS PhillipKs VodKa and not necessarily supported by sanity... LMAOROTFU~!
Robert

Lees Summit, MO

#11 Dec 11, 2012
No facts and another useless post by Slug
Amused Slew

Seattle, WA

#12 Dec 12, 2012
FACTS ??? How would you know "TP on my shoe" ! LMAOROTFU~!
Consistent

Grantsburg, WI

#13 Dec 12, 2012
Amused Slew wrote:
FACTS ??? How would you know "TP on my shoe" ! LMAOROTFU~!
Here ya go Slewsie, I will tell them who they are dealing with, and why YOU are the Champion!

(Share this with the "Folk" on your floor at the Asylum)

"Formidable Seattle Slewsie"

Our Champ is a World Class Stock Trader, A Brain Surgeon, A DOJO in the Sky Martial Artist, The Perfect Daughter, A Horse Whisperer, A Nobel Prize Winning Spell Checker, The Best Cellmate in the history of the Seattle West Insane Asylum, An Underwear Model with perfect legs, An Adviser to Kings, a Confidant of Presidents, and...... an all around well balanced person in spite of her superior talents.
Load of Crap

Saint Paul, MN

#16 Dec 13, 2012
More load on the backs the middle class, courtesy of the Repubicans.

Since: Sep 08

Neon City Oh.

#17 Dec 13, 2012
This is why we don;t get thing accomplished. The first poster presented an issue, agree or not. Then you get a bunch of TeaParty crap.
Seattle Slew

Saint Paul, MN

#18 Dec 13, 2012
WDRussell wrote:
This is why we don;t get thing accomplished. The first poster presented an issue, agree or not. Then you get a bunch of TeaParty crap.
Learn to spell and punctuate, moron.
Load of Crap

Saint Paul, MN

#19 Dec 13, 2012
The tea party is out. Even the Republicans are booting the tea partiers now.
Bridgework

Lincoln, NE

#20 Dec 13, 2012
WDRussell wrote:
This is why we don;t get thing accomplished. The first poster presented an issue, agree or not. Then you get a bunch of TeaParty crap.
I have already proven that you are a Slew Jumbo persona.
Amused Slew

Seattle, WA

#21 Dec 13, 2012
You prove something ?? Hardly.... har har .... So, did you make money on my tip or are you a moron (X)~!
Soothsayer

Grantsburg, WI

#22 Dec 13, 2012
Load of Crap wrote:
The tea party is out. Even the Republicans are booting the tea partiers now.
Go to the Light!

Gawd the pain in your head must be unbearable!

The Light is your friend. The Light does not care about how stupid you are.

Seek the peace that can only be found in the Light!

Signed,
Allah

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 3
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Minneapolis Discussions

Title Updated Last By Comments
I hate british people 5 hr Space ace 40
Global warming 'undeniable,' scientists say (Jul '10) 6 hr harmonious 32,671
Drop one word....add one word game 9 hr _Zoey_ 121
Communism is a joke 11 hr Stalker 4
Another White Guy slaughter his own family once... 13 hr Space gay ace 15
Somalia President Mohamud visit draws protest 13 hr Space gay ace 19
Woman's head stepped on by Rand Paul supporters (Oct '10) Sat Bill 26,279
•••
•••
•••

Minneapolis Jobs

•••
•••
•••

Minneapolis People Search

Addresses and phone numbers for FREE

•••

Minneapolis News, Events & Info

Click for news, events and info in Minneapolis
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••