Monday, September 10, 2007

ECONOMY - Tax Payers Being Robbed

I just bumped into a PBS Frontline program "Tax Me If You Can"

The upshot is that the ordinary tax payer is being robbed by the runaway Tax Shelter industry. We are bearing a much larger tax burden because big corporations are lowering their tax burden by, shady means.

Just two quotes from the show as an example:

On paper (tax code) the corporate tax rate = 35%, but in 1998 is was 20% and recently it's 15%.

From another interviewee; 1950 - 2000 corporations paid 17%, now it's down to 7%.

So, the common honest tax payer is burdened with the difference (7% vs 35%).

I highly suggest readers view the entire program, which is broken down to 5 videos at the link above.

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