re: Decline in corporate tax revenue contributed to $407 billion deficit

gary — Wed, 19 Nov 2008 21:38:36 GMT

What a twisted look. By 2003, coroprate tax revenue had fallen to $131.8 billion, because of the economic crash causd by the dot.com bubble economic crash and the effects of 9/11 a year and a half later. By, 2007, this revenue had rocketed up to $370.2 billion. Yes, now it will mostly dissapear again.

re: Decline in corporate tax revenue contributed to $407 billion deficit

Michael — Thu, 11 Sep 2008 20:18:26 GMT

"'about two-thirds of corporations operating in the United States did not pay taxes." This is misleading, because the majority of US corporations are S Class Corporations, which don't have any declarable income because it is all paid out to the principals of the corporation. This style corporation is used most often by small businesses for legal and liability purposes. Essentially the income tax bill from these corporations is paid in the individual tax returns of the principals. This is not to say that the US tax structure is not hugely biased for corporations, just that this is not the evidence for that .