Corporate profits are at an all-time high. However, the tax revenue from this enormous economic boon are near the all-time lows caused by the recession in the early 1980′s. There are many causes, but the result is a clear divergence.
–from The Economist and The Atlantic
This chart shows the changes in tax rates for income, capital gains, and corporate taxes. As is apparent, tax rates are down significantly compared to most of the twentieth century. However, they are still above the rates seen from the 1920′s until the great depression.
Cigarettes made the US government $8.5 billion in 2009 notwithstanding the various state taxes also excised. Interestingly, although revenues have increased enormously, smoking rates have been declining steadily since 1980. Click through for details on alcohol, firearms, and gasoline.
from theblaze.com
This diagram explains all the cuts and tax increases that are part of the so-called fiscal cliff.
–from ritholtz.com
