By Matt Stoller – The hypocrisy over deficits and calls for shared sacrifice can be illustrated with one simple statistic. According to the Institute for Policy Studies, 25 of the most-well-paid chief executives got higher compensation than their companies paid in federal taxes. There’s a class war on, as Warren Buffett has noted, and his class is winning it.
In 1950, corporate income taxes provided $1 in every $4 of federal tax revenue, and slightly less than half of state tax revenue. By 2012, corporate taxes provided about $1 in every $10 of federal tax revenue, and about $1 in $8 of state tax revenue. Under that system, the nation paid off the massive public debt we incurred during World War II. more> http://tinyurl.com/awol6vn
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