| Author | Subject: When Will the American Taxpayer Throw Off His Shackles |
| Kay | Posted At 00:19:45 02/26/2000
From the New York Times News Service printed in the Oregonian,2-20-2000 With insomes rising particularly among the wealthy, Americans are paying a lot more in federal taxes than they did before the economic expansion of the past decade. Not so, American corporations. Corporate profits are growing faster than Americans' incomes, yet the taxes they pay have peaked and have begun to fall. Taxes paid by companies on profits reported to IRS fell to 20 cents on the dollar in 1997, from 26 cents on the dollar in 1990. Corporate profits to the IRS were 252% higher in 1997 than in 1990, but taxes rose just 191%. In contrast, individual incomes were 131% higher in 1997 than in 1990, while taxes were 164% higher. In 1997 alone, companies paid $60 billion less in income taxes that they would have if they had paid taxes at the same rate as in 1990. Individuals paid $80 billion more. |
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