Notes on the Atrocities Like a 100-watt radio station, broadcasting to the dozens...
Tuesday, February 17, 2004
It's your money (and it's going into the Man's pocket)
My attempts to come up with cool pie charts as imagined below have fallen a bit short (so far!). However, my search did turn up something valuable. According to the IRS, as a percentage of all taxes collected, individual income taxes did decline between 1998 and 2002, from 50% to 47.8%.
Ah, but wait. If you earn a paycheck, you're probably still paying more. Employment tax--that wee fee Unca Sam snips from your paycheck--has grown considerably, from 34.2% to 39.5%. Meanwhile, corporate income taxes have fallen, from 11.6% to 8.3%.
Let's check the scorecard:
Workers are paying 3.1% more of the total burden, even after income tax reductions, in the past four years.
Corporations, meanwhile, are paying 3.3% less.
This is particularly egregious when you consider that the funds workers support with their paychecks (Social Security, Medicare) are being raided by the President to (not quite) pay for his tax cuts to the corporations and the wealthy.
Still, I lack the data to mock up my cool pie charts...