Páginas: 2 (327 palabras) Publicado: 16 de agosto de 2010
History of Corporate Income Tax, People Pay Taxes

Even before personal income tax started in 1913, corporate income was taxed starting in 1909, at an initial rate of only 1% on incomeover $5,000, equivalent in today's dollars to about $113,000 of tax-exempt business income. Until 1931, some amount of corporate income was tax-exempt - $2,000 or $3,000 in most years,equivalent in today's dollars to $45,000-$68,000 of non-taxable income. By 1932, tax-exempt corporate income was eliminated forever, and all business income gets taxed, starting with the firstdollar of income. Corporate "income" tax is not a tax on corporate income. It would be more accurate to call it a corporate "profit" tax. Corporate "taxable income" is that which remains aftermost business expenses have been deducted. For regular income tax purposes, a system of graduated marginal tax rates is applied to "taxable income." For 2008, the marginal tax rates on acorporation's taxable income are as follows:
Taxable Income ($) | Tax Rate[8] |
0 to 50,000 | 15% |
50,000 to 75,000 | 25% |
75,000 to 100,000 | 34% |
100,000 to 335,000 | 39% |335,000 to 10,000,000 | 34% |
10,000,000 to 15,000,000 | 35% |
15,000,000 to 18,333,333 | 38% |
18,333,333 and up | 35% |

The effect of the marginal rate structure outlined above is toaverage out the lower marginal rates applied to the taxable income falling in the lower brackets, producing a flat tax rate of 35 percent on a corporation’s entire taxable income once thecorporation’s taxable income exceeds $18.33 million.

In reality, Corporations really don't pay any taxes at all; people pay all taxes, in our roles as customers, workers and shareholders.In other words, higher taxes on corporations mean either higher prices for a corporation's customers, lower wages for its workers, or lower dividends for its shareholders, or all three.
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