…to the wealthy one. That’s why the federal income tax has had a progressive rate structure since its inception. It’s also why almost all of the states that have a…

…upper brackets. Corporate taxes currently generate about 20% of the government’s operating revenue, so the requisite increases in income taxes would be non-trivial. Very small business owners, who by definition…

…surely pays income taxes. Moreover, rampant deficit spending lead to the raiding of the Social Security “lockbox”, so payroll taxes and income taxes are essentially fungible (they basically are, anyway)….

…after the tax is imposed than before. Most states have sales taxes around 8%. To replace all income taxes with consumption taxes would require a federal consumption tax of at…

…capital share * GDI Net taxes (capital) = total net taxes – labor net taxes Net tax rate (capital) = capital net taxes/effective capital income Saving (capital) = total saving…

…I had more nearly relevant things to say in the Debt and Taxes series and, in particular in debt and taxes I and debt and taxes II. (the one with…

…8%. To replace all income taxes with consumption taxes would require a federal consumption tax of at least 15% on top of the states’ 8%. So things will change from…

…silly and throws one off course thinking about the issue. Social Security taxes like Income taxes are recorded as debits and credits in accounting: Credits: Record outgoing money, and are often…

…Billion Actual Taxes Paid: $1.5 Billion (2%) 2. Chevron Pre-tax Earnings: $46.6 Billion Actual Taxes Paid: $1.9 Billion (4%) 3. Apple Pre-tax Earnings: $34.2 Billion Actual Taxes Paid $3.9 Billion…

…corporate tax avoidance, we should just cut corporate taxes way back or even eliminate the corporate tax altogether, since we’ll “obviously” never get sophisticated companies to pay more.This is wacky….