nonsense - 60 percent of corporations pay no taxes at all. At a time of rising corporate profits, the GAO reported that 95 percent of corporations paid less than 5 percent of their income in taxes, and 6 in 10 paid nothing at all in federal taxes.
Tax cuts to the wealthy immediately require an increase in state and local taxes. At that point the burden falls on middle income earners and the poor. In other words the wealthier enjoy their tax cuts/taxbreaks/taxsubsides while the poor/middleclass pay the larger burden. Or to put it another way, the poor and the middleclass pay the price tag of low federal tax rates for wealthier individuals ..
The corporate tax rate is 35%. HOWEVER..
The U.S. tax code offers so many deductions, credits, and other mechanisms by which corporations can reduce their taxes, the actual percentage of profits that U.S. corporations pay in taxes — or what analysts refer to as their effective tax rate .
The United States has plethora of generous corporate tax breaks. As the Treasury Department has noted, the United States’ low effective tax rate reflects its “narrow corporate tax base,” which is the result of “accelerated depreciation allowances [and] special tax provisions for particular business sectors … as well as debt finance and tax planning
These tax breaks lead to very low tax rates on certain types of investments — even negative rates in some cases. For example, a 2005 Congressional Budget Office study found that the effective marginal corporate rate — the rate paid on the last dollar of income earned and arguably the tax rate most relevant for investment decisions — on debt-financed investment in machinery was negative, estimated at -46 percent.[4] This means that the total value of the deductions that companies may claim for such investment is much larger than the tax they pay. (Put another way, it means that other taxpayers effectively subsidize the investment.) A recent Government Accountability Office study similarly found wide variation in effective tax rates across corporations.
The Treasury Department estimates that various corporate tax breaks will cost the federal government more than $1.2 trillion over the next ten years (2008-2017), a period during which total corporate revenues are projected to equal $3.4 trillion
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