Burad...My bad...this info was from August of 2010. Exxon evidently paid corporate taxes but due to corporate tax breaks and corporate "welfare", Exxon received a 145 million dollar REFUND. Although corporate tax rate is 35%...the average mega-corporation pays at about 17% rate...very close to unearned income rate. both Corporations and the ultra rich need to go back to paying a top marginal rate of 70 - 80%...If it would be raised even to a 50% level...our entire deficit and debt could be reduced precipitously in a period of only a few years. When the rate was there...78% to 91% top marginal individual tax rate from 1950 to 1980...we did not have a troublesome debt or deficit, the economy boomed for all this years until the Middleast Oil Cartel embargoed oil shipments in 1974, I think it was...and put too much strain on our economy as supply stopped so inflation went crazy. That helped to defeat Carter along with Reagans backroom deals with the Ayatollah regarding the hostages. God I am tired of this. jgh
Posted on: Sun, 29 Sep 2013 23:43:54 +0000
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