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Ironically, corporate taxes these days generates less than 20% of the fiscal revenues for the government. Generally, 1040 individual taxes still make up the bu
by camz 15y ago
Ironically, corporate taxes these days generates less than 20% of the fiscal revenues for the government. Generally, 1040 individual taxes still make up the bulk of the taxes paid.
In addition, more than 35% of all taxpayers pay zero tax or pay no tax and get refunds. This number is constantly changing, especially recently with the economy. I've seen it go as high as 60%.
Lastly, when the government talks about corporate tax breaks and etc. Honestly, they barely matter anymore because we've essentially marginalized the revenue generated from corporations and businesses already. So, the amount of revenue and savings potential in the greater scheme of things is almost non-consequential.
- gabrielh 15y agoIts important to note that if a person doesn't owe taxes directly, the probably do contribute through payroll tax. [1] [1] http://money.cnn.com/2011/04/14/pf/taxes/who_pays_income_taxes/index.htm http://money.cnn.com/2011/04/14/pf/taxes/who_pays_income_tax...
- camz 15y agoThat's a very good point. I should've pointed that out. Another thing that everyone should keep in mind, if your company fails to remit the proper amount of payroll tax (social security and medicare), then it is your responsibility to make up the difference on your 1040. The line for this item is on the second page of the 1040 under the Self-Employment tax. We're all paying into a system thats falling apart =/..
- invalidOrTaken 15y agoJust saying they "contribute" doesn't get the whole point across. They do pay taxes, it's just not visible. Payroll taxes have to be the most ingenious method of hiding taxes from voters ever.