They tell me that our wise leaders are presently working on a tax reform or cut, or something. So I thought I’d add a new Income Tax Analysis page to my usgovernmentrevenue.com site. The page has a chart showing the federal individual income tax and the corporate income tax going back to 1913. This is what it looks like, as percent of GDP, with individual in blue and corporate in red. Do you see what I see? In the early days about half of the income tax was collected from corporations, but over the years the corporations have managed to keep reducing their share of the tax. Thanks, Congress. But then the game stopped, for the Reagan tax cuts of the 1980s kept the corporate share to 20 percent of the total take. Let’s take a look at that: And it’s the same thing with the state income taxes. Yay lobbyists! On the other hand, if you go back to the first chart, there seems to be a ceiling on the individual income tax. Whenever it gets above 8 percent...(Read Full Article)