This chart renders most of the discussions we have about fiscal matters irrelevant.
Anytime we say that we don’t have enough money to do something good, this chart shows why that’s a lie. It depends on the definition of “we.” “We” have plenty of money, much of it stashed overseas; “we” have just given in to the lobbying efforts of those who don’t want it taxed.
“We” can decide what we require of corporations in exchange for the benefits granted them by the limited liability, potential eternal life, ability concentrate poisons into appendages and then have them amputated, bankruptcy laws, and other goodies conferred by law.
“We” just choose not to — and “we” is in quotes because the limitations on our representative system mean that it’s not really “our” choice.
(Feeling Occupyish this weekend — you?)
Many of our larger corporations are sitting on vast amounts of capital, yet not re-hiring many of the people they laid off in recent years.
Ya gotta admire how they always have the best interests of the country in mind. (sarcasm)
GD…can you post the study/details that goes with this? I can’t find it at the Century Foundation. The chart can lead to a lot of different conclusions, or more likely questions pre-conclusion, including that more businesses are operating as corporations now than in the past (increase in share of GDP), more corporations are operating as S Corporations (they pay zero federal income tax at the entity level, so corporate tax would decrease since tax is paid by the individual shareholder AND it is still a corporation so likely included in corporate profits thereby distorting the results), sources of revenue have structurally and purposefully shifted, etc…
I am also curious how US corporate profits are defined…for example, does it include profits of a US corporations’ foreign subsidiary which is subject to the tax rules in the local foreign jurisdiction? That in of itself can mean a huge skewing of the numbers by including it in corporate profits but excluding it from US tax (since they pay tax in jurisdiction that the profit was earned).
I’ll look for it, but not immediately. Perseid hangover over here.
Thanks…I cannot find anything on this chart at all. I am usually pretty good at finding the data that goes along with charts, but not this time.