Corporate profits are way up, and corporate taxes are way down. In 1952, corporate profits were 5.5 percent of the economy, and corporate taxes were 5.9 percent. Today, corporate profits are 8.5 percent of the economy, and corporate taxes are just 1.9 percent of GDP. Corporations used to contribute $1 out of every $3 in federal revenue. Today, despite very high corporate profitability, it is $1 out of every $9.
The economy used to be terrible, but now it’s wonderful. In fact, it’s simply a continuation of the same trends that were visible before Trump. But it’s easier to make […]
This is like turkeys voting for Christmas. Can we really expect the elite like Trump or Romney, who pay disproportionally less taxes than the average guy to change the tax system […]
We don’t think this is likely: Previous experience hasn’t shown it The Reagan revolution is overhyped, growth didn’t accelerate whilst inequality rose Today’s conditions are even less conducive, corporate tax […]
Bruce Bartlett, the guy who actually designed the Reagan tax cuts, cuts through the nonsense and neatly sums up why they aren’t likely to produce any economic boom. See: Why are […]