Monday, March 28, 2011

Rearview mirror

I'm so old I remember when the GOPers assured us corporate tax cuts would pave the road to riches for everybody. My car is still stuck in the same rut it was then but McClatchy tells me what's driving corporate profits:
Corporate profits grew 36.8 percent in 2010, the biggest gain since 1950, according to Friday's latest report from the Bureau of Economic Analysis. No sign could be more clear that U.S. companies see the so-called Great Recession in the rearview mirror.
The article flags the "extort more work out of fewer employees under the threat of layoffs" that's fueling their economic vehicle. But it missed the obvious tax connection to corporate profits:

"...the share of U.S. taxes paid by corporations has fallen from 30 percent of federal revenue in the 1950s to 6.6 percent in 2009."

Surely allowing them to "keep more of their money" must have had some effect. See also, corporate welfare subsidies that never seem to get on the "cut government spending" list.

[More posts daily at the Detroit News.]

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