WhenTheBeatlesSangVille
There are certain folks, especially those of a certain political persuasion, that want everything to be like it was in the good old days.
Like, say, the golden age of the 1950's.
Of course, many things, especially for folks that don't fit into neat 1950's-ish societal boxes, are actually much better in the here and now.
However, when it comes to all things taxes, especially corporate taxes, I'm all for going back to the future.
Amy Hanauer made it clear why this could be the answer to our collective public deficit fears recently in an OpEd piece in the Hill Times:
...Corporate profits hit a new record of $2.8 trillion in 2021. Yet, corporate income taxes now cover just 10 percent of federal revenue, down from more than 30 percent in the 1950s...
That, of course, is the US'ian situation.
However, it does not appear that significant historical trend downward is any different up here in Canuckistanmikitaville.
Now.
If some group were to mount a serious push toward having corporations pay their fair share to maintain the common good you can bet that a million (more) lobbyists (than usual) would immediately swarm the halls of government, media megalopoli, and the most influential academic towers in a concerted effort to convince all and sundry that such a change would result in the collapse of civilization as we know it along with a simultaneous rise in the price of beer and gasoline.
Or some such thing.
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Subheader? Accompanies the image at the top of the post from 1958, because...This.
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2 comments:
Great article and it could be said that these corporate tax cuts have been the decline of the earning power of everyone else who shoulder the burden. Yes, we are fed the occasional "tax credit" which results in a hill as high as a pile of beans in the long run. This, will never change and only worsen. The US cant even get beyond a $7.25 minimum wage and while some of ours are higher, it's hardly enough to live on for even the most frugal. Here's an experiment- raise the tax rate to 30% and see if the world indeed, does collapse. Tim W
Great to hear from you Tim.
I hadn't thought about the effect on individual earning power - that's an excellent point.
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