Under the new law, corporations could pay up to 21% federal tax, and in Illinois, they pay up to an additional 7.75%. Then, since dividends are not deductible, individuals could pay up to 23.8% federal tax and in Illinois an additional 4.95%. So the government would get up to 57.5% of the profits, even though the government took no risk and made no actual investment. Isn't 57.5% still pretty darned high for the government's share?
|Damned fool thought it was HIS money!|