Alternative Visions - The Great Corporate Tax Shift - 11/06/13

Jack Rasmus discusses the ‘Great American Tax Shift’, shows how the Corporate Tax has been steadily declining for decades as a percent of federal revenues, percent of national income, and percent of corporate profits; why the Corporate Tax ‘effective rate’ is now 12%, not the official 35%; why corporations today pay state taxes of barely 2%, instead of official 5-10% rates, and only 2% on foreign earnings instead of 15-28%—for a total global real tax payment of 16%--not the 45%-50% corporate apologists claim. Jack explains how all this results in Corporate America now sitting on more than $10 trillion in cash and how that translates into income inequality trends and a global economy that is unable to fully recover from recession. Various myths about corporate taxes are also refuted (i.e. tax cuts create jobs, US corps have highest taxes in the world, corporations pay double taxes, etc.). And new corporate tax cut measures pending now in Congress in the Tax Code overhaul bill are explained.