October 1, 1984 05:04 PM | Permalink |
Why is it that the federal government is racking up record-breaking budget deficits while most Americans believe–and rightly so–that they are paying more in taxes than ever?
There is, of course, more than one reason. But one answer can be found in the demiste of the corporate income tax. Once, back in the 1950s and 1960s, the corporate income tax supplied one fourth of all federal government revenues. By 1983, the figure had dropped to 6.2%.