The DJ Index closed at 12,044 yesterday. The record high is 14,164 (Oct 9, 2007).
Unemployment statistics will be released later today (Friday), but we’re still flirting with 9% and that’s a gross understatement for a lot of reasons. And we all know about that little deficit problem.
A comprehensive study released on Thursday found that 280 of the biggest publicly traded American companies faced federal income tax bills equal to 18.5 percent of their profits during the last three years — little more than half the official corporate rate of 35 percent and lower than their competitors in many industrialized countries.
American corporations are paying a smaller share of taxes than in previous decades. They paid a total of $191 billion in federal income taxes in 2010, the Internal Revenue Service said, representing about 1.3 percent of the nation’s gross domestic product. That is down from about 6 percent during the 1950s (although some of the decline is because a smaller percentage of businesses now file as corporations). — NYTimes
Intriguing statistics to consider whenever you encounter the standard blather offered by corporate apologists about job-killing regulations and oppressive corporate taxes that lead to unemployment. Thanks to invertebrate Congressman in both parties, corporations have it very easy in this country, despite their orchestrated whining.
It’s just another raft of data that points out why we’re in such dire straits: the civilization we properly demand costs more than the revenue streams, as currently designed and established, can pay for, and one reason is that a major contributor’s share of that revenue has been significantly reduced over the years.
Everybody seems to agree the tax code is broken. Do we also agree that there are very powerful stakeholders here who like it this way? You can occupy Wall Street ‘til the lights go down on Broadway, but they’re just consumers like you and me, paying what it costs for the best Congress money can buy.