Tuesday, December 11, 2012
Dude, you gotta be more productive.
Sure, your company is making more and more profit, but with them paying less taxes someone has to pick up the slack and that means you.
Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows). But despite those sky-high profits, corporate income tax revenue is projected to be just 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago.Now that 20 years of Republican economic policy is working, you have a heavy responsibility on your shoulders.
As the Century Foundation noted in this chart, the corporate income tax, as a share of total government revenue, used to track reasonably well with corporate profits. But in the last decade, the two have become decoupled:
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