Posted on 12/13/2010 10:43:57 AM PST by Academiadotorg
A key dividing line between those within the Ivory Tower and those without might be on the issue of taxes: Academics like them while the rest of us clearly don’t.
Moreover, as evidenced by the TEA party movement, this becomes particularly problematic when we don’t show the tolerance for increased rates of taxation that scholars think we will demonstrate. The TEA in the parties, after all, is an acronym that stands for “Taxed Enough Already.”
“After the major Reagan-era tax cuts in 1981, the corporate tax has provided less than 12 percent of federal revenues in all but four fiscal years, during the period 2005-2008, when a booming financial sector generated temporarily high profits and tax revenues,” Berkeley economist Alan J. Auerbach writes in a December 2010 study published by the Center for American Progress (CAP). “Few analysts expect a rebound back to those levels.”
“The declining importance of the corporate income tax is particularly troubling as budget pressures increase.” Actually, what made those profits and revenues so temporary were the tax increases of 1990 and 1993. Auerbach should know about at least one of these: He was deputy chief of staff of the U. S. Joint Committee on Taxation in 1992.
(Excerpt) Read more at academia.org ...
Attention: Lefties! If you feel you’re under taxed, then....
Please, feel free to add as much of your earned money as you like to your required federal tax return each year. No law prohibits paying more than you owe Uncle Sugar.
You’ll be a patriot and can continue to be smug and to act superior./Sarcasm off>
Corporations account for all taxes charged directly to them in the prices they charge for the products and services they provide, as part of the cost of their goods and/or services. In affect, those taxes are paid by whomever buys their products and services. In affect, the cost of corporate taxes are passed on to the consumers.
There is no moral pro or con to it; it’s simply economics.
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