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July 9, 2011

Taxes and wealth

by beaufou

New Tork Times GE tax dodging
But GE is only a part of a giant tax evading business which includes most giant corporations as well as a multitude of Millionaires and Billionaires,
wealthy individuals hire armies of brokers and lawyers to offshore their wealth and dodge taxes.
While it is true that the rich are paying a larger portion of federal income taxes – the wealthiest 1 percent of taxpayers pay 32 percent of all income tax collected by the federal government – the average tax burden of the 400 wealthiest Americans has dropped 37% since 1992 while their incomes have increased by an amazing 392%, in the same period 80% of all new income in the United States has gone to the top 0.01% of Americans.
Corporations on the other hand have enjoyed the largest profit growth and the lowest taxes in the last 10 years. The USA has the highest corporate tax in the Western World at 35% but the lowest tax income from Corporations, how is that possible?

Read more from economy, politics

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