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you expect people to read numbers instead of looking at a graph?
It's actually pretty small potatoes though as far as "the tax system"
I mean $27 billion is a lot of profit for four years, but the personal income tax takes in about $1,000 billion every year.
In fact, just because that is the kind of guy I am, let me look up actual figures (numbers in billions)
2008 - 1,145.7
2009 - 915.3
2010 - 898.5
2011 (estimate) - 956
Figure that 2012 is another 900 billion.
Total for 2008-2012
$4,815.5
Now total profit of those 25 companies for 2008-2012 = $165.67 billion
total subsidy of those 25 for 2008-2012 = $8.6 billion.
Let's eliminate the subsidies and tax the profit at 50%.
Total gain of revenue = $91.4 billion.
A lot of money, no doubt, but as a percentage of personal income tax revenue for 2008-2012 it equals just 1.9%.
Not really a significant part of "our tax system".
Now our corporation taxes did bring in a total of
2008 - 304.3
2009 - 138.2
2010 - 191.4
2011 - 198.4 (estimate)
estimate $180 for 2012, and our corporate tax system, for all its flaws, brought in $1,011.6 billion from 2008-2012.
It would be nice to have more complete statistics, like I do with the personal income tax, but this table DOES show why I, myself, do not freak out when Obama proposes, for the corporate tax system - to close loopholes AND lower rates.
Sheesh am I long-winded. Is anybody still reading?
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5 replies
One Chart That Shows Just How Screwed Up Our Tax System Really Is (Original post)
Squinch (47,333 posts) 
