The Future of Corporate America

No big surprise here, but seeing the stark numbers is pretty shocking.  Link

. . . according to a new report from the Institute for Policy Studies, “corporate tax dodging has gone so out of control that 25 major U.S. corporations last year paid their chief executives more than they paid Uncle Sam in federal income taxes”:

Currently, corporate taxes have plunged to historic lows, with many of America’s largest companies literally paying no federal income taxes. Meanwhile, according to researchers at Northeastern University, corporate profits accounted for 88 percent of real national income growth since 2009, while wages and salaries made up less than 1 percent. In 2010, executive pay grew by 27 percent while wages grew by only 2 percent.

The IPS also found that “of the 25 companies that paid their CEO more than Uncle Sam, 20 also spent more on lobbying lawmakers than they paid in corporate taxes. Eighteen gave more to the political campaigns of their favorite candidates than they paid to the IRS in taxes.”

If you think this is good news for business, American citizens, or the future of this country, then you’ll be very surprised at how badly this will end if nothing changes.  This type of income inequality is deadly poison for a society, especially one that values individual freedom, rights and democracy.

And just a reminder --  virtually all of the Republican Presidential candidates and Congressional Republicans are on record saying that corporate taxes are too high and the answer to our economic troubles is to give corporate America even bigger tax breaks.  Oh, and at the same time, they also want to raise taxes on the poor and middle class.  Link