Bill O’Reilly said on March 13 that “Our corporate taxes are already the highest in the world and there is no doubt that President Obama wants to raise them.”
According to the CBO, corporate tax payments as a fraction of GDP are near the lowest (1.6 percent in 2012) that they have ever been in our history.
According to the Federal Reserve Bank of St. Louis (“FRED”), corporate profits as a fraction of GDP are the highest (11 percent) that they have ever been in our history. Annualized corporate profits in Q3 2012 were $1.776 trillion, twice the FY 2013 federal budget deficit of $845 billion.
Wages as a fraction of GDP are the lowest they have ever been.
The facts tell us that corporate taxes are the least burdensome that they have ever been. The Republicans tell us that corporate taxes are the most burdensome they have ever been.
The name of this phenomenon is “Irresponsible Anti-Tax Fanaticism.”
The people who tell you that supply-side tax cuts pay for themselves, that deregulation creates prosperity and that free trade creates employment are telling you that corporate taxes must be cut.
One must ask, how can one believe these Republican leaders?