Recent data show that the U.S. is taxed far less than almost all other OECD countries. An increase in revenue is the obvious answer to America's budget deficit.
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| HQ Version of Total Taxes Chart | HQ Version of Corporate Income Tax Chart |
Extending the Bush tax cuts from 2013 through 2022 would cost $5.4 trillion.
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Another Decade of Bush Tax Cuts Will Cost More than Twice as Much as the First Decade
Former Minnesota governor and presidential candidate Tim Pawlenty has released his proposed tax plan, including very specific rate cuts and exemptions for investment income, and vague promises to eliminate tax loopholes. Even if he eliminates all itemized deductions and credits, millionaires would still receive an enormous income tax break under the plan.
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Pawlenty Plan Would Cut Income Taxes for Richest 400 Americans by 73 Percent
Photo via Gage Skidmore Creative Commons Attribution License 2.0
Ten years ago, on June 7, 2001, President George W. Bush signed into law the first of several tax cuts that drove the balanced budget he inherited from President Clinton deep into the red. Last year, Congressional supporters of Bush’s policies pushed through an extension of these tax cuts through the end of 2012. Many lawmakers want to extend the Bush tax cuts again into 2013 and beyond, which would almost double the federal budget deficit.
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CTJ analyzes the pretax U.S. profits, federal taxes paid and effective tax rates of a dozen Fortune 500 companies over the 2008-10 period. From 2008 through 2010, these 12 companies reported $175 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: –$2.4 billion.
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