by DOUG PIBEL, Yes Magazine
More than ever, people pay more in taxes than corporations do. Corporate taxes as a percentage of federal revenue have fallen from 27.3% to 8.9% since 1955. Individual income and payroll taxes as a percentage of federal revenue has climbed from 58% to 81.5% in that time.
But we tax corporate income at 35%, the highest in the world, right? Not really. 280 “Fortune 400” companies showed profits every year from 2008 to 2010. Of those, about one-quarter paid more than 30%, about one-quarter paid less than 10%, and some of the wealthiest corporations pay no taxes at all. They even get money back. 29 corporations from 2008 to 2010 paid 0 dollars in taxes and received refunds totaling $10.6 billion. [MORE]