
Fareed Zakaria, Editor, Newsweek International was a featured speaker at Charles Schwab Institutional Impact 2007 at the Mandalay Bay Convention Center, Las Vegas, Nevada, United States. (Photo credit: Wikipedia)
I usually agree for the most part with Fareed Zakaria whose show GPS is broadcast each Sunday morning at 8am and 11am, Mountain daylight savings time on CNN. However, this morning July 15, 2012, I disagree most strongly with his assertion that the US has the second highest corporate tax rate in the industrialized world. That is a nominal rate. The effective rate is one of the very lowest, exceeding only that of Iceland as the lowest rate.
He indicated that corporate taxes now provides only 8% of total Federal revenue. That is down from the 10% I had seen in past articles. If the Federal government gets only 8% of its revenue from corporations, that means that people like you and me provide the other 92%. Please think about that. In the 1950s and 1960s, corporate taxes supplied 35% of federal revenue and individuals 65%. I think that the share of Federal revenue supplied by corporate taxes are moving in the wrong direction.
If corporations are people, why aren’t they paying taxes like real people?
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