by Linda Beale
Corporate taxes used to constitute a significant portion of federal revenues, almost a third in 1950. Payroll taxes from workers were considerably less–around 10% in 1950. Andrew Leonard, Who Really Pays Taxes? Salon.com (Aug. 28, 2012).
The times have changed. Corporate taxes have declined steeply in the 21st century as a percent of GDP, while payroll taxes paid by workers have become a significant part of tax revenues–more than a third in 2007.
That is one cause of the inordinate inequality of income and wealth that this country now endures–an inequality that has dire consequences for the economy and for the well-being or the vast majority of ordinary Americans.