Monday, April 13, 2015

Workers pay 6 times more in taxes than corporations and get nothing while Conservatives demand more corporate tax cuts!

Conservatives call incessantly for corporate tax cuts. Never mind the fact that corporate profits are at an all-time record high and also garner an ever increasing share of GDP. In other words, more and more of our national wealth flows to profits, which is then grabbed up by corporate executives (CEO's), Wall Street and shareholders.

The rest of us get pretty much nothing for our efforts and it is WE who do all the working and making of the stuff that gets produced.

The call for corporate tax cuts, therefore, is completely incongruous with the national discussion of wealth and income inequality. Yet it goes on.

The demand grows even more brazen and obscene (if that's possible) when you look at just how much corporations are paying in taxes compared to what the rest of us (workers) pay.

Once again, I am pulling from the Daily Treasury Statement (BTW...next course in April 25).

Table IV, Daily Treasury Statement for FY 2014. All figures are in millions $.



You can see that the total tax take for the Federal Government in 2014 was $2.599 trillion.

Of that, $2.07 trillion was in the form of employment taxes. That means people who work for a paycheck. Workers. That's who paid most of the taxes.

Corporations paid $345 billion.

So workers paid 6 times more taxes than corporations AND THEY GOT NOTHING, yet Conservatives want corporations to pay less and Obama, along with Conservatives, raised employment taxes and continue to propose or institute spending cuts, which are fiscally the same thing as tax increases, which fall mostly on workers.

In light of this, is there really any reason why we are trying to figure out the cause of income and wealth inequality? Seriously? The wealth is being PURPOSELY AND BLATANTLY funneled to the top.

Corporations pay next to nothing and WE pay nearly all.

3 comments:

Peter Pan said...

Working as planned.

Tom Hickey said...

Right. Transferring taxation to workers while undermining labor bargaining power has been the neoliberal agenda for some time, along with privatization, deregulation and creating an climate "favorable to business."

Capitalism on steroids.

MortgageAngel said...

Just shared this w/ my fb bud Laurence Kotlikoff.