Remember a few of these famous statements from our conservative friends? Come on, you've heard them repeated for decades now!
Cutting taxes for the wealthy will trickle down to lift all boats!
Raising the minimum wage will cost jobs!
Increasing taxes cuts business investment and kills job creation!
America's corporate tax rates are the highest in the world!
Well guess what folks, our conservative friends have been deceiving us with that last statement too!
You see the (non-partisan) Congressional Budget Office just released a report which shows exactly the opposite is actually true! They reported that thanks to federal tax breaks, corporations paid out just 12.1 percent of their 2011 profits in taxes.
WOW, that's even less than the 15 percent Mitt Romney paid on his 22 million dollar income last year while he traveled across America asking for your votes!
The Wall Street Journal notes it's the lowest percentage corporations have paid since 1972.
During the two previous decades, a period that included the economic prosperity of the Clinton 1990s, corporations were paying an average percentage almost twice as high.
From 2008 - 2010, thirty major U.S. corporations, including General Electric, Boeing, Verizon and Wells Fargo, used so many tax-avoidance techniques that they paid no income taxes at all.
Corporations reported a combined $1.97 trillion in profits in the third quarter of 2011, and as recently as June, they were also believed to be sitting on more than $2 trillion in cash.
Guess they realize the higher taxed middle-class consumers are running out of money to buy their products?