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2008 Tax Watch 1 (2008)

handle is hein.taxfoundation/taxwtch0005 and id is 1 raw text is: FOUNDATION Me s saoge f ro m the President. average household burden of $2,757 per year-more than the average household spends on restaurant food, gasoline or home electricity in a year. Ask a typical fcmily about the taxes they pay, and they'll likely focus on America's biggest and most visible taxes: property taxes at home, sales taxes at the store, and income and payroll taxes deducted from their paychecks at work. UI One tax they're likely to American I ignore is the corporate taxes per income tax. And the reason is simple: most D Down p who pay corporate income Ave r taxcs aren't even aware ieng that they exist. But although corporate taxes ..One-yea are invisible to the average Four Ap taxpayer, they quietly tap family pocketbooks for 42-inch nearly $320 billion per Three N year in the form of higher prices, lower wages and poorer returns on investments. Most people think corporate income taxes are paid by wealthy, anonymous companies, said Scott Hodge, President of the Tax Foundation. But as econo- mists have been teaching for centuries, people bear the burden of corporate taxes, not companies. m i.i..i,, . /- .. U U- . How much do corporate income taxes take from the average family? According to a recent Tax Foundation study, the federal corporate income tax alone collected $320 billion in 2005. That's an Lose from Federal Taxing, Spending Seventy Years of the Tax Foundation Congress Delays AMT Fix Media Impact Report Victory for Taxpayers in Supreme Court, State Policy Report Special Free Offer,: Why Taxes Matter Typically, the argument for cutting the U.S. corporate tax rate centers on improving the ability of American companies to compete globally, said Tax Foundation economist Gerald Prante. While true, those arguments overook the fact that indixidual households bear the corporate tax burden, and their pock- etbooks will benefit most from reform. New research from the U.S. Congressional Budget Office shows that in a global economy where capital is highly mobile but workers can't easily What Do Ciorporate Income Tiaxes 0 1010 ? Ciost American Families*

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