The shifting tax burden from business to individuals
at the end of World War II, for every dollar Washington raised in taxes on individuals, it raised $1.50 in taxes on business profits. In contrast, today, for every dollar Washington gets in taxes on individuals, it gets 25 cents in taxes on business. Business and its allies successfully shifted most of its federal tax burden onto individuals.
Over the same period, the tax rates on the richest Americans fell from 91 percent in the 1950s and 1960s, and 70 percent in the 1970s to the current low rate of 35 percent. The richest Americans won that spectacular tax cut. Middle- and lower-income Americans won no such cuts, while paying a higher proportion of their income for Social Security that the rich were required to do.
In plain English, the last 50 years saw a massive shift of the burden of federal taxation from business to individuals and from rich individuals to everyone else.
Hat tip: Larry Ferlazzo, http://twitter.com/Larryferlazzo/status/117926300441780224
