US government’s sources of tax revenue: 🔹Corporate income tax: $600 billion. 🔹Personal income tax: $2,500 billion. Shouldn’t this be the other way around?
https://i.redd.it/1caemjwdrfed1.jpeg
by wakeup2019
US government’s sources of tax revenue: 🔹Corporate income tax: $600 billion. 🔹Personal income tax: $2,500 billion. Shouldn’t this be the other way around?
https://i.redd.it/1caemjwdrfed1.jpeg
by wakeup2019
3 comments
Keep in mind LLCs flow the revenue to the personal side. There’s 21 million LLCs and only 1.7 c-corps.
So this is likely why. When I file my 1040, I have to submit my schedule Ks which show the pass thru income and pay taxes on it. I do file business taxes because I have too but the company does pay those taxes.
No. Taxing corporations is regressive because they pass the cost on to their customers, and those with the least money spend the most of it just to live. If anything we should have a fixed and low corporate tax rate, like 15% of profit, in order to maximize economic growth and minimize the burden that is passed on to consumers.
What needs fixing with the tax system is capital gains. We really should impose the same brackets to capital gains that we do to earned income.
Total corporate profits are about 3.3T.
Total personal income is $13T.
Individuals have far more money to tax, so the government gets more tax dollars from them.