Did you know General Electric made $5Billion in US profits and paid ZERO taxes this year? Majority of our taxes are a hit on our middle class families as opposed to the richest 1%. No wonder our public schools and services are severely underfunded! The Demos organization recently published the Top 10 statistics on Federal taxes. Although these are Federal stats, Guam’s tax code is a mirror of the Federal Code so these apply to our families directly.
• The Bush tax cuts added $1.7 trillion to the nation’s debt over 2001-2008, which is more than it would cost to send 24 million kids to four-year public universities.
• Corporate income taxes totaled about 1 percent of GDP this year, 60% lower than 40 years ago.
• The Bush tax legacy means we currently tax wealth less than work: middle-income paychecks are taxed at 25% compared to stock dividends and capital gains for the wealthiest, which are taxed at a top rate of only 15%.