Who’s footing the US tax bill?
Investigative Reporting Workshop
By Allison Linn, senior business writer
With Tax Day approaching, the Investigative Reporting Workshop is featuring a chart showing that individuals, not corporations, take on the vast majority of the nation’s income tax burden.
It was not always the case. In the 1950s, corporations covered 39 percent of the nation’s income tax bills, while individuals paid 61 percent. These days, corporations are footing only 19 percent of the income tax bill, and we are paying 81 percent.
The Investigative Reporting Workshop calculated the percentages based on the Office of Management and Budget’s annual tally of individual and corporate income tax receipts.
Income taxes are only one part of the government’s total receipts; it also includes Social Security payments, excise taxes and other sources of income. You can find more details here from the Office of Management and Budget.
More source:
Life Inc. - Good Graph Friday: Who's footing the US tax bill?Facebook's Saverin to Pay 'Hundreds of Millions' in Tax - Bloomberg
Salisbury News: Good Graph Friday: Who's Footing The US Tax Bill?
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Submited at Friday, April 15th, 2011 at 8:00 pm on Finance by jessica
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