Revenue from the Corporate Tax
Revenue from corporate income taxes has largely decreased since 1950.
https://www.pgpf.org/chart-archive/0303_corporate_tax_share_gdp
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Revenue from corporate income taxes has largely decreased since 1950.
https://www.pgpf.org/chart-archive/0303_corporate_tax_share_gdp
High-income households earn a disproportionate share of pre-tax income and pay an even larger share of total federal taxes.
All income groups pay taxes, but overall the U.S. tax system is progressive.
https://www.pgpf.org/chart-archive/0210_distribution_of_taxes
To help better inform the current debate over tax reform, the Tax Policy Center (with a grant from the Peterson Foundation) put real numbers behind different scenarios for tax reform that are both distributionally neutral and fiscally responsible.
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.
https://www.pgpf.org/budget-basics/the-us-corporate-tax-system-explained
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
https://www.pgpf.org/analysis/2017/12/tax-modeling-tax-reform-why-its-important
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
Tax expenditures cost the government about $1.5 trillion each year, more than the budget of any agency or major spending program.
The legislation is fiscally irresponsible and will add significantly to America's national debt.
https://www.pgpf.org/analysis/congress-passes-costly-and-unfunded-tax-legislation
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today after the White House released the outline of President Trump’s tax plan.
https://www.pgpf.org/press-release/2017/04/statement-on-administrations-tax-plan