Saturday, August 6, 2011

Who pays more income taxes, people or corporations?

People pay way more income taxes than businesses as this Debt and Taxes article makes clear.

In 2010, individual and family taxpayers anted up a bit more than $898 billion in taxes, while business paid a mere $191 billion...just about a five-fold difference. Put another way, for every five dollars in taxes that people pay, corporations pay a dollar.

It wasn't always so. Back around the time of World War II, business income taxes and individual income taxes contributed about equally to federal revenue. But by 1960, individuals were paying twice as much, by 1970, three times as much and by 1980, you and I (OK...your parents and grandparents) were paying four times as much taxes as businesses. The ratio hit five times as much around 1990 and never looked back.

Need more information? Newspaper archives are one of the best online research tools. If you're searching for information on people, try Intelius.