“How does the growth in corporate income compare to that for individuals? The available data show that the recent growth in corporate profits reported for California tax purposes far exceeds that of income reported by individual taxpayers. Between 2001 and 2009, the total adjusted gross income of California’s person income taxpayers increased by 16.5 percent. In contrast, the net profits reported by corporations for California tax purposes nearly tripled, rising by 192 percent.”
—The California Budget Project. California Teacher 65.1 (Sept-Oct. 2011): 8-9. Quote on page 8.