Friday, December 30, 2011

Far Left Side: Federal Revenues since the 1950's

It's clear that the FICA payroll tax has been going up that pay for Social Security and Medicare while the corporate income tax has been going down.

The FICA tax is regressive and has a tax cap. After the $107 cap is reached, the FICA tax is not paid. To keep Social Security and Medicare solvent, the cap has been periodically  raised.

Corporate tax revenues have declined because Congress has given the Fortune 1000 C-corporations numerous loopholes and exemptions. This is why the largest US corporation, GE, has paid no taxes for years.

Lefty form Far Left Side is correct. It isn't fair.

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