Just to see if I can get some conversations started: A Wall Street Journal analysis of 60 big U.S. companies found that, together, they parked a total of $166 billion offshore last year. Shielding more than 40% of their annual profits from U.S. taxes. (Forbes-May 2013) After-tax corporate profits in the third quarter topped 11% of gross domestic product for the first time since the records started. Corporate Profits have increased from 4% of GDP in 2002 to 11% of GDP in 2013. (US Department of Commerce—December 2013) 1.United States Corporations pay an average of 12.6% tax in 2012. (General Accounting Office—July 1, 2013) 2.Average Corporate Tax Rate for the Past 94 Years—60% (Budget of the US, Historical Files) 3.The bottom 99 percent pays a 27.5 percent total tax rate on average (Citizens for Tax Justice July 2013) 1.CEOs at big companies in the S&P 500 saw their total median realized pay jump nearly 20%. That followed two previous years median pay jumps in the double digits. (USA Today 10/22/2013) 2.Average Personal income (adjusted for inflation) DECLINED—by 5.8% from 2006 to 2012. (U.S. Census Bureau-2012) 1.US productivity since 1982—has gone up—80%. (US Bureau of Labor Statistics) 2.US Owned Corporations— a. Created 2.9 MILLION JOBS—OVERSEASES and b. ELIMINATED—1.1 MLLION AMERICAN JOBS. (Bureau of Economic Analysis November 2012) US Taxation facts: 1. Corporate income taxes now make up less than 10 percent of federal revenue, down from about 49 percent in 1950. 2. Most corporations pay a. an average of 12% on their profits— b. down from the average over the past 94 years of 60%. 3. Most corporations shelter about 40% of their profits off-shore--so they pay NO taxes on that part of their profits. (Over $ 160,000,000,000.00 PER YEAR) 4. Over the past 94 years a. —the average tax on the highest earners was 59%--NOW average is 18% b. —the average tax on UNEARNED income was 61%--NOW average is 19% c. --the average tax on Capital Gains was 31%----------NOW average is 17% d. --the average tax on the lowest paid was 22%-------NOW average is 23% (Budget of the United States, Historical Files, Office of Management and Budget, General Accounting Office, US Department of Commerce) Other interesting facts: A. “Income of households in the top 1 percent of earners grew by 275%, B. 18% for the bottom fifth of households. C. As a result of that uneven income growth, the report noted, the share of total after-tax income received by: D. The TOP 1 PERCENT with the HIGHEST INCOME more than DOUBLED their income. E. WHILE the share received by low- and middle-income households DECLINED. (Congressional Budget Office 2011)
Posted on: Sat, 20 Sep 2014 23:53:47 +0000
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