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Reaganomics
(lemmy.frozeninferno.xyz)
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this post was submitted on 24 Sep 2023
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That article says the corporate tax was 30% to 52%, AND that the individual income tax got up to 90%. What you call myth is very much true.
And corporate tax is much much lower now than it was then and we have rampant income consolidation to the top earners.
https://en.m.wikipedia.org/wiki/Corporate_tax_in_the_United_States
Yeah we have some of the high corporate taxes in the world. So If your thesis was correct, you’d see this everywhere but you don’t.
Companies are sitting all billions on dollars offshore because of our high taxes.
No the article clearly points out nobody was paying that tax rate. Everyone paid a much lower tax rate. Having it set to 90%, doesn’t matter if nobody pays it.
https://www.npr.org/2017/08/07/541797699/fact-check-does-the-u-s-have-the-highest-corporate-tax-rate-in-the-world