Steyn (via Kevin) gets it.
“To the coastal commentariat, ‘undocumented immigrants’ are the people who mow your lawn while you’re at work and clean your office while you’re at home. (That, for the benefit of Linda Greenhouse, is the real apartheid: the acceptance of a permanent ‘undocumented’ servant class by far too many ‘documented’ Americans who assuage their guilt by pathetic sentimentalization of immigration.)
Plenty more at the link on the reality of Arizona vs. the World of The Elite.
Should we consider a Corporate Windfall Profits Tax in order to balance the U.S. federal budget? Please share your opinion at www.dyslexinomicon.blogspot.com
ReplyDeleteIn 1965, even after Kennedy's historic tax cuts, corporate taxes made up 21.8%(1) of federal revenues, the marginal corporate income tax rate was 70%(2) and unemployment was at 4.5%(3). But as of 2007 corporations slashed their share down to 14.4% of federal revenues while shoving an additional 4% of the burden on individual tax payers. Currently the marginal corporate income tax rate is 35%, and unemployment hovers around 10%.
Check it out yourself:
(1) Federal burden sharing by sector:
www.whitehouse.gov/omb/Budget/historicals , Office of Management and Budget Table 2.2
(2) Marginal federal income tax rates: www.wikipedia.org/wiki/Income_tax_in_the_United_States for marginal tax rates,
(3) Unemployment history: www.gpoaccess.gov/eop/tables10.html , Table B-42 Civilian Unemployment Rates 1962-2009
Exactly. And still, the big guys are offshoring profits like crazy.
ReplyDeleteAlso keep in mind that personal/corporate income taxes are often highlighted by the media but don't always tell the whole story. For example, you'll hear over and over again how half of Americans don't pay any income taxes. Yet they fail to mention that those Americans are hit harder by the non-progressive payroll tax NOT the income tax. The payroll tax, of course, doesn't allow deductions like the income tax and hits you harder the poorer you are. In short, we need to look at total tax burden as a percentage of income because of the complicated nature of our tax laws.
The myths are widespread on this issue.